Groupe PSA sells part of its stake in Faurecia

Worldwide
Published:  29 October, 2020
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The French automotive manufacturer announced 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.

Following the placement, Groupe PSA is to 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 39% stake in Faurecia. “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”, said Groupe PSA.

For the third quarter of the year, the Automotive division of Groupe PSA posted revenue of €12 billion, up 1.2% and driven by a recurring strong product mix and pricing policy. Group revenue was down 0.8% to €15.5 billion in the quarter. A total of 589,000 units were sold worldwide in the third quarter. The operational outlook remains unchanged; Groupe PSA has set the target to deliver over 4.5% Automotive adjusted operating margin for the 2019-2021 period.