Faurecia said this transaction is part of the Group’s financial strategy which aims to strengthen liquidity, permanently optimise the profile of long-term debt by maintaining an average maturity of over five years, and by limiting its cost, which is currently around 2.80%. As of December 31, 2020, the group had liquidity of more than €3 billion, on top of a fully available syndicated line of credit of €1.2 billion due in June 2024.

The French Group also announced the resignation of Olivia Larmaraud, Grégoire Olivier and Philippe de Rovira from its Board of Directors, with immediate effect. All three had been Board Members nominated by PSA. These resignations come as a result of the commitments made by PSA and FCA in the context of their merger operation. “This step, which had been announced by PSA, is taken in the context of the proposed distribution by Stellantis of its stake in Faurecia to its shareholders as a result of the merger. The resulting enhanced independence of Faurecia is reflected, as of today, by this change in governance, creating a Board of Directors with a very large majority of independent Board Members”, said Michel de Rosen, Chairman, Board of Directors, Faurecia.

The Board of Directors of Faurecia is now comprised of 12 Board Members, 80% of whom are independent, excluding the two Board Members representing employees. Also, PSA converted all of its shareholding in Faurecia into bearer shares, thereby losing the associated double voting rights. The distribution of the Faurecia shares will be completed after the Stellantis Board and shareholders’ approval, which Faurecia expects to occur by the end of the first quarter 2021.

With the resulting increased free float and market visibility, the Group said it will continue to deploy its strategy focused on technologies for the Cockpit of the Future and Sustainable Mobility.