PSA Group has repurchased 10m of its personal shares from Chinese JV associate Dongfeng Motor Group (DFG) and approved an amendment to the share repurchase agreement concluded with DFG.
The 10m shares of PSA representing about one.one% of the share funds of the company.
These shares were acquired by PSA on 23 September by way of an off-market transaction at a price of EUR16.385 for every share which represents a complete buy price of EUR163,850,000 (excluding prices) and will be cancelled after the settlement-supply of the transaction that will take area on 25 September 2020, in accordance with the PSA Group share buyback programme.
PSA reported the transaction was steady with the announcement created on eighteen December 2019 regarding the contemplated mixture of PSA and Fiat Chrysler Automobiles which will entail the development of Stellantis, the fourth biggest world-wide OEM by quantity in an automotive field undergoing basic modifications.
Topic to final approval by the DFG board, PSA and DFG have also agreed to amend the share repurchase agreement signed on seventeen December 2019 to deliver that the further twenty.7m shares coated by the agreement will have to be marketed by DFG to one or a number of 3rd parties, in one or a number of transactions by the conclusion of 2022 in the celebration DFG has not marketed individuals shares to PSA or to one or a number of 3rd parties prior to 31 December 2020.