Benzinga | Sep 23, 2020 05:48AM EDT

Fiat Chrysler Announced Groupe PSA is Repurchasing 10M of its own shares from Dongfeng Motor Group; Amends Share Repurchase Agreement with DFG

Fiat Chrysler Automobiles N.V. (NYSE:FCAU) informs that Groupe PSA announced today that it is repurchasing 10 million common shares of Peugeot S.A. (OTC:PUGOY) from Dongfeng Motor Group ("DFG"). The acquired PSA Shares, representing approximately 1.10% of the share capital of Peugeot S.A., will be cancelled after the settlement of the transaction (to take place on 25 September 2020).

In addition, subject to final approval by the Board of DFG, Groupe PSA and DFG have agreed to amend the Share Repurchase Agreement in force among them to provide that the remaining 20.7 million PSA Shares to be sold pursuant to the Share Repurchase Agreement will be sold by DFG to Groupe PSA by 31 December 2020 or, if not sold to Groupe PSA by that date, to third parties by the end of 2022.

FCA is providing this information in connection with the proposed combination of FCA and Groupe PSA announced on 18 December 2019.