Stellantis (NYSE:STLA) announced Wednesday the start of their second round of share buybacks. The buyback program was announced on February 22, 2023, covering up to €1.5 billion (total purchase price excluding ancillary costs) to be executed in the open market with the intent to cancel the common shares acquired through the Program. Following the completion of the automaker’s first round on May 18, 2023, Stellantis has signed a share buyback agreement for the second tranche of its Program with an independent investment firm.
The agreement will cover a maximum amount of €500 million. The company will start the second round of the program on June 7, 2023, and end no later than September 7, 2023. Common shares purchased under the Program will be canceled in due course.
As of today, there are around 290 million shares left for the program after the first round. This should be enough to cover the program itself and any repurchases of the 99.2M shares that Chinese JV partner Dongfeng Corporation (HK:0489) currently owns, as announced on July 15, 2022.
Shares of STLA are up 0.63% in early trading on Wednesday.