Stellantis (NYSE:STLA) announced Monday that they have teamed up with an independent investment firm to buy back some of its shares as part of the company’s third round of its buyback program.
Back in February 2023, Stellantis, the parent company of Chrysler, first announced their plan to buy back shares worth up to €1.5 billion from the open market, aiming to retire those shares.
They've set a cap of €500 million for this portion of the agreement. The buyback is set to kick off on September 11, 2023, wrapping up by December 11, 2023. Any common shares bought through this program will eventually be canceled.
The price for each common share purchased won't go beyond 110% of the market price of those shares on the NYSE, Euronext Milan, or Euronext Paris. The market price will be calculated as the average of the highest share prices over the five days leading up to the acquisition date.
As of today, after dealing with the first and second tranches, there are still about 260M shares left in the authorization. This should be enough to cover the needs of this program.
Shares of STLA are up 2.22% in early trading Monday morning.