Arab Today, arab today dongfeng closing in on psa peugeot citroen stake
Last Updated : GMT 05:40:03
Arab Today, arab today
Arab Today, arab today

Dongfeng closing in on PSA Peugeot Citroen stake

Arab Today, arab today

Arab Today, arab today Dongfeng closing in on PSA Peugeot Citroen stake

Beijing - XINHUA

China's leading carmaker Dongfeng is close to buying a 14-percent stake of France's PSA Peugeot Citroen after months of talks, Chinese media reported Thursday. The National Business Daily quoted a source close to the transaction as saying negotiations were about to be completed and details would be unveiled soon. Dongfeng would become one of the three largest shareholders of PSA if the deal goes through. In January, PSA announced a money-raising plan to revive the company by offering shares to the French government and Dongfeng, which would each pay around 750 million euros (1.02 billion U.S. dollars) for 14 percent of shares, matching share holdings of the Peugeot family. However, the source disclosed that talks have been tough as the Peugeot family was unwilling to see its stock diluted or transfer its technology to Dongfeng. Dongfeng's share trading in the Hong Kong stock exchange was halted on Monday and resumed on Tuesday with an announcement that an agreement with PSA concerning investment and technology cooperation had yet to be reached. In 2013, PSA posted a 4.9-percent-decline in its worldwide sales due to the lagging European market, while Dongfeng's total sales increased 14.8 percent year on year to 3.53 million units, the second best in China.

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