02:26 PM EDT, 08/01/2024 (MT Newswires) -- Stellantis ( STLA ) said Thursday it has signed a share buyback agreement for up to 1 billion euros ($1.08 billion), in the third tranche of its 3 billion euro share repurchase program.

The tranche will start Thursday and end latest by Nov. 29, the company said.

Stellantis ( STLA ) plans to cancel majority of the common shares acquired through buyback program, but retain a portion of up to 500 million euros for future employee stock purchase plan and equity-based compensation.

Shares were down over 2% in recent trading.

Price: 16.31, Change: -0.38, Percent Change: -2.28