Stellantis buys back shares worth $1 billion from Chinese JV partner Dongfeng

(Reuters) – Chrysler-parent Stellantis said on Wednesday it has repurchased 50 million common shares from Dongfeng Motor (Hong Kong) International for about 934 million euros ($1.02 billion).

Stellantis, which has a joint venture with Dongfeng Motor in China, said it plans to cancel these shares and the transaction with Dongfeng would not impact its 1.5 billion euros open-market repurchase program.

The program, announced on Feb. 22, is expected to complete by the end of 2023.

Chinese automaker Dongfeng would retain 49.2 million common shares, which represents 1.58% of Stellantis’ share capital post-cancellation.

($1 = 0.9168 euros)

(Reporting by Priyamvada C in Bengaluru; Editing by Shilpi Majumdar)