By Helena Smolak

Stellantis has bought back 50 million common shares from Dongfeng Motor International valued at 934 million euros ($1.02 billion).

The maker of Jeep, Dodge and a dozen other brands said late Wednesday that it will cancel the shares from the Hong Kong-based company, a subsidiary of China's Dongfeng Motor Group Company. Stellantis has a joint venture with the parent company.

The transaction comes after the subsidiary made an offer to Stellantis in July specifying the number of shares to sell and the potential timing of the sale. Pricing was set at the five-day average closing price of Stellantis shares on Euronext Milan prior to the date on which Dongfeng submitted an offer, Stellantis said.

Dongfeng will retain 1.6% of Stellantis' share capital post-cancellation.

The share repurchase transaction with Dongfeng will not impact Stellantis' EUR1.5 billion open-market share repurchase program, scheduled for completion by the end of 2023, the company said.

Write to Helena Smolak at helena.smolak@wsj.com

(END) Dow Jones Newswires

November 23, 2023 01:38 ET (06:38 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.
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