Stellantis to distribute its stake in Faurecia to shareholders

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March 4, 2021 6:45 PM EST

A view shows the logo of Stellantis at the entrance of the company's factory in Hordain, France, March 3, 2021. REUTERS/Pascal Rossignol

MILAN (Reuters) - Stellantis on Thursday announced distribution of the stake it still holds in auto parts maker Faurecia to its shareholders.

Stellantis shareholders will decide on the distribution of the shares and up to 308 million euros ($368.46 million) raised from a previous equity sale in Faurecia, in a meeting on March 8, the group said in a statement.

The stake in Faurecia was previously held by the former PSA, which merged with Fiat Chrysler (FCA) earlier this year to create Stellantis, the world's fourth largest car maker.

The stake distribution was part of the deal between the two companies.

PSA initially held a 46% stake in Faurecia, but last year it said it sold a 7% stake, keeping the 308 million euros cash it raised for distribution to Stellantis shareholders after the merger completion.

($1 = 0.8359 euros)

(Reporting by Giulio Piovaccari in Milan and Ankit Ajmera in Bengaluru; Editing by Shinjini Ganguli)


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