Stellantis Has Authorized A Program To Repurchase Shares

Stellantis’ Board of Directors has greenlit a share buyback program worth up to €1.5 billion ($1.59 billion USD), to be executed on the market and aimed at canceling the common shares bought back. The purchase will occur on NYSE/Euronext Milan/Euronext Paris from now until December 31st, 2023. This initiative is made possible by the company’s robust balance sheet and considerable cash flow generation, providing adequate liquidity to weather economic and market fluctuations while delivering appealing capital returns to shareholders.

The share buyback will be authorized by the general meeting of shareholders held on April 13th, 2022, which could be renewed or extended to a maximum of 10% of the company’s capital. The price per common share will not exceed 110% of the market price of the shares on NYSE, Euronext Milan, or Euronext Paris, which will be calculated as the average of the highest price on each of the five days of trading before the purchase is made.

After the company’s buyback transaction for 69.1 million shares (2.2% of the company’s capital) on September 15th, 2022, the remaining authorization is enough to cover this program and the potential repurchase of 99.42 million shares held by Dongfeng Corporation, the Chinese joint venture partner, under the conditions announced on July 15th, 2022.

Stellantis will release updates on the start of the buybacks and on the buyback program via press release and on the Investors section of the corporate website, subject to market conditions and in compliance with relevant laws and regulations, including the Market Abuse Regulation 596/2014 and the Commission Delegated Regulation (EU) 2016/1052.