MILAN (Reuters) – Stellantis on Thursday announced the release of its remaining bet in auto parts maker Faurecia to shareholders.
Stellantis shareholders will decide on the issuance of the shares and up to 308 million euros ($ 368.46 million) raised from a previous equity sale in Faurecia, at a meeting on March 8, the group said in recitation.
The bet in Faurecia was previously held by the former PSA, which teamed up with Fiat Chrysler (FCA) earlier this year to create Stellantis, the world’s fourth-largest carmaker.
The bet spread was part of the contract between the two companies.
PSA initially held a 46% stake in Faurecia, but last year said it sold a 7% stake, holding the 308 million euro it raised for distribution to Stellantis shareholders after the merger. to complete.
($ 1 = 0.8359 euros)
Reporting with Giulio Piovaccari in Milan and Ankit Ajmera in Bengaluru; Edited by Shinjini Ganguli