The Chinese automaker Dongfeng Motor Group Company Limited has reached an agreement for selling its 99.2 million shares of Stellantis (STLA)—around 3% of STLA’s shares. Under this agreement, Dongfeng may “from time to time submit an offer to sell to Stellantis, all or a portion of the Stellantis common shares held by Dongfeng.” If Stellantis agrees, they will purchase the shares at “the average of the closing prices per Stellantis share on Euronext Milan for the five trading day period immediately prior to the date on which Dongfeng submits the offer.”
If Dongfeng uses an accelerated book build process for selling shares, they will offer Stellantis an opportunity to act as a cornerstone investor, at the offer price from the five-day average described above. Stellantis will issue an announcement if it purchases shares from Dongfeng.
David Zatz started what was to become the world’s biggest Mopar site (Allpar) in 1994. After a chemo-induced 2007-2010 break, during which he wrote car books covering Vipers, minivans, and Jeeps, he returned with Patrick Rall to create StellPower.com for daily news, and to set up MoTales for mo’ tales (Chrysler history and “permanent” car and truck pages). He most recently wrote Century of Chrysler, a 100-year retrospective on the marque.
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