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    489   CNE100000312

DONGFENG MOTOR GROUP COMPANY LIMITED

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Stellantis shareholder Dongfeng sells down stake for 600 million euros

09/08/2021 | 08:36am EST
A Stellantis sign is seen outside company headquarters in Auburn Hills,

PARIS/MILAN (Reuters) - Stellantis shareholder Dongfeng Motor Hong Kong (DMHK) has sold part of its stake in the automaker for about 600 million euros ($710 million), as agreed before the group was formed via a merger at the beginning of the year.

As part of a package of agreements signed by shareholders upon the tie-up between Fiat Chrysler and France's Peugeot maker PSA, former PSA investor Dongfeng was required to sell around 36 million shares in the new group by the end of 2022.

Dongfeng said it had completed the sale of 36.1 million Stellantis shares, equivalent to a 1.15% stake, through an accelerated bookbuilding process (ABB) at a price of 16.65 euros each.

No details were provided about who bought shares in the ABB. By 1220 GMT Milan-listed shares in Stellantis were down 2.6% at 16.64 euros.

The Chinese group's PSA shareholding dates back to 2014, when it joined a capital increase that was launched to save the French automaker from bankruptcy.

After the transaction, the Chinese company retains a 4.5% stake in Stellantis and has agreed a 90-day lock-up period during which it can sell no more shares.

The merger agreements also allow the Peugeot family to further increase its current 7.2% stake in Stellantis by up to an additional 1.5% by acquiring shares from France's state lender Bpifrance, from Dongfeng or on the market.

Asked whether it had bought shares from Dongfeng, the Peugeot family declined to comment.

Stellantis' other top investors are Exor, the holding company of Italy's Agnelli family, with a 14.4% holding, and the French state with a 6.2% stake.

Dongfeng is one of Stellantis' partners in China, where they operate though a joint venture which sold 47,788 cars between January and July.

In China Stellantis also has a joint venture with former Fiat Chrysler partner GAC, which on Tuesday said it would close one of the JV's two factories in the country by next March.

Stellantis is planning to deeply reshuffle its strategy in the world's biggest auto market, where it has struggled to sell cars.

(Reporting by Sudip Kar-Gupta and Giulio Piovaccari; Additional reporting by Gilles Guillaume; Editing by Jason Neely, Edmund Blair and Jan Harvey)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
ABB LTD 0.96% 33.56 Delayed Quote.34.52%
DONGFENG MOTOR GROUP COMPANY LIMITED 3.99% 7.29 End-of-day quote.-19.36%
EXOR N.V. 3.34% 81.58 Delayed Quote.19.21%
GUANGZHOU AUTOMOBILE GROUP CO., LTD. -0.19% 15.87 End-of-day quote.19.41%
RENAULT 1.60% 29.905 Real-time Quote.-17.69%
STELLANTIS N.V. 3.68% 16.868 Real-time Quote.0.00%
STELLANTIS N.V. 3.56% 16.872 Delayed Quote.11.13%
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Financials
Sales 2021 120 B 18 894 M 18 894 M
Net income 2021 13 040 M 2 049 M 2 049 M
Net Debt 2021 19 386 M 3 045 M 3 045 M
P/E ratio 2021 4,87x
Yield 2021 6,54%
Capitalization 62 812 M 8 056 M 9 867 M
EV / Sales 2021 0,68x
EV / Sales 2022 0,67x
Nbr of Employees 124 270
Free-Float 30,3%
Chart DONGFENG MOTOR GROUP COMPANY LIMITED
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Dongfeng Motor Group Company Limited Technical Analysis Chart | 489 | CNE100000312 | MarketScreener
Technical analysis trends DONGFENG MOTOR GROUP COMPANY LIMITED
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Mean consensus OUTPERFORM
Number of Analysts 17
Last Close Price 7,29 CNY
Average target price 8,65 CNY
Spread / Average Target 18,6%
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Managers and Directors
Qing Yang President & Executive Director
Wei He Chairman-Supervisory Board
Yan Feng Zhu Chairman
Jun Yu Head-Organization & Information Department
Guo Yuan Liu Head-Technical Development Department
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