Stellantis said on Tuesday it will buy back shares worth about 923 million euros ($919.31 million US) from General Motors. The move will be a buy back of about 69.1 million common shares, or about 2.2% of the company’s share capital. GM currently holds this stake in Stellantis in warrants, which it will convert into equity shares for Stellantis to purchase today, according to the statement.
GM was issued these warrants by Peugeot SA in 2017 as part of the sale of its Opel-Vauxhall business. In 2021, Peugeot (as well as Citroën and the DS Automobiles brand) cornpleted its own merger with Fiat Chrysler to become Stellantis.
In addition to the price for shares, Stellantis will also pay GM in 1.2 million common shares of car parts maker Faurecia SE and about 130 million euros in cash for rights to dividends paid by Peugeot and Stellantis.