Peugeot S.A. (“Groupe PSA”) announces the successful completion of the sale of 9,663,000 Faurecia shares, representing approximately 7% of the share capital of Faurecia, via an institutional private placement by way of an accelerated bookbuilding.
The proceeds from the transaction amount to approximately €308 million.
Following the placement, Groupe PSA will hold approximately 39% of Faurecia’s share capital.
The cash proceeds from this disposal are expected to be distributed to the Stellantis shareholders along with the distribution in kind of the remaining c. 39% stake in Faurecia, as already announced on 14th September 2020, promptly after the completion of the merger and subject to approval by the Stellantis Board and shareholders.
Groupe PSA has granted to the Bookrunners a 90-day lock-up, subject to certain usual exceptions (including the aforementioned distribution in kind).
This disposal is one of the steps as may be necessary to ensure that Stellantis does not acquire control of Faurecia, consistent with the terms of the original Combination Agreement. This is expected to facilitate the securing of the necessary regulatory approvals in relation to the merger.
The settlement and delivery of such sale is expected to occur on November 2, 2020.
This press release does not constitute an offer to sell or a solicitation to buy any securities, and the offer of Faurecia shares by Groupe PSA does not constitute a public offering.
SOURCE: PSA Group