(Alliance News) - Stellantis NV and Dongfeng Motor International Co. Ltd, a subsidiary of Dongfeng Motor Group Company Ltd, have confirmed that they have entered into an agreement under which Stellantis will buy back nearly 50 million of its own ordinary shares--equivalent to 1.6 percent of its capital--from Dongfeng, for a total amount of approximately EUR934 million. Stellantis then intends to cancel these shares.

Dongfeng, as stated in the statement, will retain 49.2 million shares, or 1.6 percent of Stellantis' capital post-cancellation of the shares, "and the framework agreement between the two parties for the share repurchase remains in place with respect to such shares."

The share repurchase from Dongfeng, the automaker explains in a note, "does not impact Stellantis' EUR1.5 billion market share buyback program announced last Feb. 22, which is scheduled to be completed by the end of 2023."

Stellantis trades in the green by 0.3 percent at EUR18.62 per share.

By Chiara Bruschi, Alliance News reporter

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