Beijing (ZXZC)- Dongfeng Motor Hong Kong signed an agreement with BNP Paribas on September 7, Dongfeng Motor Group Company Limited said in a document to Hong Kong Exchanges and Clearing.

Peugeot 5008; photo credit: DPCA

The bank will help to sell Dongfeng Motor’s 36,060,000 common shares in Stellantis for a total of 600,399,000 euros. The shares, priced at 16.65 euros per share, accounts for 1.15% of the company which resulted from FCA and PSA merger. After the deal, Dongfeng Motor holds 4.5% stake of Stellantis. The Chinese company also promised it will not any stake in Stellantis within 90 days.

By the end of March, Dongfeng Motor (Hong-Kong) International Co Ltd. held 5.62 percent of Stellantis’s outstanding common shares. When FCA and PSA completed the merger, Dongfeng is required to sell approximately 36 million Stellantis common shares to third parties by December 31, 2022.

On Tuesday, GAC Group was reportedly to transfer the 20% share it holds in GAC FCA, Stellantis’s joint venture with GAC Group, to Stellantis. According to a local report, both parties have negotiated on the share transfer and are going through relevant process. After being reached for comment, GAC Group said talks about share transfer are indeed underway, but the concrete percentage has not been decided yet.