PARIS -- Peugeot maker PSA Group on Thursday said it had raised 308 million euros ($364 million) from selling about 7 percent of Faurecia.
PSA had said earlier this week that it would sell down a chunk of Faurecia as part of its merger deal with Fiat Chrysler Automobiles.
Proceeds will be distributed to shareholders in Stellantis, their merged company that is due to be created in the first quarter of 2021, in cash, alongside a distribution-in-kind of PSA's 39 percent remaining stake in Faurecia.
The move is aimed at avoiding antitrust issues that might arise if Stellantis controls Faurecia.
Faurecia ranks No. 9 on the Automotive News Europe list of the top 100 global suppliers, with worldwide sales to automakers of $19.9 billion in 2019.