Peugeot maker PSA Group on Thursday said it had raised 308 million euros ($364 million) from selling about 7% of car parts firm Faurecia 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.
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.
Source: Reuters.com