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.
