Peugeot maker PSA whittles down Faurecia stake as part of Fiat deal
Reuters
Published Oct 29, 2020 06:47
PARIS (Reuters) - Peugeot maker PSA Group (PA:PEUP) on Thursday said it had raised 308 million euros (279 million pounds) from selling about 7% of car parts firm Faurecia (PA:EPED) to investors, with proceeds due to be paid out to shareholders after it merges with Fiat Chrysler.
The French carmaker had said earlier this week that it would sell down a chunk of Faurecia as part of the merger deal with Fiat (MI:FCHA).
Proceeds will be distributed to shareholders in Stellantis - their merged company, due to be created in the first quarter of 2021 - in cash, alongside a distribution-in-kind of PSA's 39% remaining stake in Faurecia.
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Written By: Reuters
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