Stellantis Announces Launch of Second Tranche of Its Share Buyback Program

Stellantis N.V. has announced its plans to continue its Share Buyback Program with a second tranche. This program, initially introduced on February 22nd, 2023, aims to repurchase common shares with a total purchase price of up to €1.5 billion (excluding ancillary costs) from the open market. The company intends to cancel the acquired shares upon completion of the program.

Following the successful completion of the first tranche on May 18th, 2023, Stellantis has now signed a share buyback agreement for the second tranche with an independent investment firm. This agreement allows for the repurchase of shares amounting to a maximum value of up to €500 million. The second tranche of the program will commence on June 7th, 2023, and is set to conclude no later than September 7th, 2023. As before, the common shares acquired during this tranche will be subsequently canceled.

It is worth noting that any repurchases made under this announcement will be carried out by the authority granted by the general meeting of shareholders held on April 13th, 2023. The company is permitted to repurchase shares up to a maximum of 10% of its capital or any renewed or extended authorization that may be granted in a future general meeting.

The purchase price per common share will not exceed 110% of the market price of the shares on either the NYSE, Euronext Milan, or Euronext Paris (depending on the market). The market price will be determined by calculating the average of the highest prices observed on each of the five trading days preceding the acquisition date, as per the official price list of the respective exchange. Stellantis is committed to conducting the share buybacks within the boundaries of 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.

As of the current date, and after completing a portion of the first tranche, the remaining authorization stands at approximately 290 million shares. The company believes this amount will be sufficient to cover the second tranche of the program, as well as any repurchase of the 99.2 million shares owned by its Chinese joint venture partner, Dongfeng Corporation, as previously announced on July 15th, 2022.