Press release
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march 17, 2023 - Stellantis
Stellantis Announces Launch of the First Tranche of Its Share Buyback Program
AMSTERDAM, March 16, 2023 - #stellantis N.V. (“Stellantis” or the “Company”) announced today that pursuant to its Share Buyback Program (the “Program”) announced on February 22, 2023, covering up to €1.5 billion (total purchase price excluding ancillary costs) to be executed in the open market with the intent to cancel the common shares acquired through the Program, #stellantis has signed a share buyback agreement with an independent investment firm that makes its trading decisions concerning the timing of purchases independently of #stellantis.
This agreement relates to the first tranche of the Program. This tranche will cover a maximum amount of up to €500 million.
The first tranche of the Program shall start on March 17, 2023 and end no later than June 19, 2023. Common shares purchased under the Program will be cancelled in due course.
Any buyback of common shares in relation to this announcement will be carried out under the authority granted by the general meeting of shareholders held on April 13, 2022, up to a maximum of 10% of the Company’s capital, or any renewed or extended authorization to be granted at a future general meeting of the Company. The purchase price per common share will be no higher than an amount equal to 110% of the market price of the shares on the NYSE, Euronext Milan or Euronext Paris. The market price will be calculated as the average of the highest price on each of the five days of trading prior to the date on which the acquisition is made, as shown in the official price list of the NYSE, Euronext Milan or Euronext Paris. The share buybacks will be carried out subject to market conditions and in compliance with applicable rules and regulations, including the Market Abuse Regulation 596/2014 and the Commission Delegated Regulation (EU) 2016/1052.
Following the share buyback transaction for 69.1 million shares (2.2% of the Company’s capital) executed on September 15, 2022, the remaining authorization stands at approximately 244 million shares, which is expected to be adequate to cover this Program, as well as any repurchase(s) of the 99.2 million shares currently owned by Chinese JV partner Dongfeng Corporation under the terms announced on July 15, 2022.
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