The Stellantis Board of Directors has approved a program to buy back up to €1.5 billion shares. The program will be run on the market to get rid of the shares that were bought through the program. The shares will be bought on the NYSE, Euronext Milan, and Euronext Paris between now and December 31, 2023.
Stellantis can start the buyback program because it has a lot of cash and a strong balance sheet. These things help the company ensure it has enough cash on hand to deal with a wide range of economic and market conditions and give shareholders a good return on their investments.
The program to buy back ordinary shares will be run with permission from the shareholders' general meeting on April 13, 2022. This permission can be renewed or extended, but only up to 10% of the company's capital. The price to buy one ordinary share will be at most 110% of what the share is selling for on the NYSE, Euronext Milan, or Euronext Paris. The market price will be the average of the highest price on each of the five trading days before the acquisition date. After repurchasing 69.1 million shares (2.2% of the company's capital) on September 15, 2022, 244 million shares can still be bought.
Stellantis will send a press release and post information in the Investors section of the company's website about when the buybacks will start and how the program will work. Buybacks will depend on how the market is doing and will follow all laws and rules, such as the Market Abuse Regulation 596/2014 and Commission Delegated Regulation (EU) 2016/1052.