PARIS/MILAN -- Dongfeng Motor sold shares equivalent to a 1.15 percent stake in automaker Stellantis for about 600 million euros ($710 million).
Dongfeng said it had completed the sale of 36.1 million Stellantis shares through an accelerated bookbuilding process (ABB) at a price of 16.65 euros each.
The sale is part of agreements signed by shareholders upon the merger deal between Fiat Chrysler Automobiles and PSA Group, which created Stellantis at the beginning of this year.
As part of the agreements, Dongfeng, a former PSA investor, was required to sell around 36 million shares in Stellantis to third parties by the end of 2022.
No details were provided about who bought shares in the ABB.