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Peugeot maker PSA whittles down Faurecia stake as part of Fiat deal

Published 29/10/2020, 06:47
Updated 29/10/2020, 06:50
© Reuters. FILE PHOTO: The logos of car manufacturers Fiat and Peugeot are seen in front of dealerships of the companies in Saint-Nazaire

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.

© Reuters. FILE PHOTO: The logos of car manufacturers Fiat and Peugeot are seen in front of dealerships of the companies in Saint-Nazaire

 

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