De Brauw has advised Stellantis on the second tranche of its EUR 1.5b share buyback programme. The first tranche was completed on 18 May 2023, and the second tranche, covering an amount of EUR 500m, has commenced on 7 June 2023. The programme will be executed in accordance with the MAR safe harbour for share buybacks.
As a different bank was selected by Stellantis, a new mandate letter for the second tranche was negotiated. Key topic was to ensure that any share repurchases stay within the scope of the authorization granted by the general meeting to the board, in particular with respect to the price.