Stellantis to distribute its stake in Faurecia to shareholders

MILAN — Stellantis on Thursday announced distribution of the stake it still holds in supplier Faurecia to its shareholders.

Stellantis shareholders will decide on the distribution of the shares and up to 308 million euros ($368.46 million) raised from a previous equity sale in Faurecia, in a meeting on March 8, the group said in a statement.

The stake in Faurecia was previously held by the former PSA Group, which merged with Fiat Chrysler Automobiles earlier this year to create Stellantis.

The stake distribution was part of the deal between the two companies.

PSA initially held a 46 percent stake in Faurecia, but last year it said it sold a 7 percent stake, keeping the 308 million euros cash it raised for distribution to Stellantis shareholders after the merger completion.