Stellantis confirmed that they had bought back 50 million shares of STLA stock from Dongfeng for $1 billion. The Chinese company had owned roughly 3.2% of Stellantis’ stock, and will now own a bit less than 1.6%. The shares will be cancelled once Stellantis has them, rather than being resold, as Stellantis is also buying back €1.5 billion in shares on the open market.
These moves will reduce Dongfeng’s already fairly minor influence, and to slightly increase the value of the remaining Stellantis shares.
Stellantis has also bought into a different Chinese company, Leapmotor, which uses a technology similar to that of the upcoming Ramcharger; and issued buyout offers to roughly half its American non-union labor force.