Stellantis said, following its share buyback programme announced on 15 February, covering up to EUR3bn to be executed in the open market, it had signed a share buyback agreement for the third tranche of the programme with an investment firm which would make its trading decisions concerning the timing of purchases independently of Stellantis.
This agreement would cover up to EUR1bn starting today 1 August and end by 29 November.
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The company intends to cancel shares acquired through the programme apart from a portion of up to EUR0.5bn which will be used for future employee stock purchase plans and equity based compensation. This is intended to support the benefits of expanding and strengthening the ownership culture inside Stellantis while avoiding dilution of existing shareholders.
The buyback will be carried out up to a maximum of 10% of the company’s capital.
Purchase price 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.
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.
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By GlobalDataToday, the remaining authorisation was approximately 246m shares and the company held in treasury 81,500,174 shares equal to 2.1% of the total issued share capital.
