Arab Today, arab today gm scraps opelpeugeot citroen merger plans
Last Updated : GMT 19:13:38
Arab Today, arab today
Arab Today, arab today

GM scraps Opel-Peugeot Citroen merger plans

Arab Today, arab today

Arab Today, arab today GM scraps Opel-Peugeot Citroen merger plans

Paris - AFP

General Motors has scrapped plans to merge its troubled German unit Opel with PSA Peugeot Citroen because of the French carmaker\'s financial woes, a news report said Wednesday. \"GM gave up in early November on the merger plan between Opel and PSA Peugeot Citroen\'s auto division,\" French financial newspaper La Tribune said on its website, citing \"a well-informed French source\". The source told the paper the prospective deal was \"suspended, to say the least, and in all likelihood buried\". Instead of a merger, the carmakers will pursue a more limited partnership in four specific areas, which they had already announced on October 24, La Tribune said. The companies had already announced in February that GM was taking a seven-percent stake in PSA Peugeot Citroen as part of a \"strategic alliance\". Neither company had confirmed or denied plans for a full merger. GM said Wednesday that plans for the alliance were still going forward. \"The alliance between GM and PSA is progressing as planned. We are fully focused on earning the benefits from the alliance that we have identified,\" said GM spokesman Greg Martin. \"Focus areas are logistics, where we already signed an agreement in summer, purchasing and product development. Beyond that, we have no further comment.\" A PSA Peugeot Citroen spokesman said: \"It\'s one rumour after another. We will not make any more comments. On October 24, we announced four projects with GM. Today, we are concentrating on carrying out those projects.\" The proposed merger, the subject of much speculation in the French, German and US financial press, was aimed at combining the two carmakers\' supply chains and enabling them to jointly produce components such as chassis. With the European car market in the doldrums due the eurozone debt crisis, manufacturers are faced with heavy losses and overcapacity. Peugeot, where sales fell by 3.9 percent in the third quarter to 12.9 billion euros ($16.4 billion), announced in July that it intends to cut 8,000 jobs. GM profits dropped 12 percent in the third quarter to $1.5 billion, hit by losses in Europe, where it has announced plans to cut 2,600 jobs by year\'s end.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today gm scraps opelpeugeot citroen merger plans Arab Today, arab today gm scraps opelpeugeot citroen merger plans

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today gm scraps opelpeugeot citroen merger plans Arab Today, arab today gm scraps opelpeugeot citroen merger plans

 



Arab Today, arab today
Arab Today, arab today Youssra depended on colored foam

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today Egypt tourism revival steady but slow

GMT 16:04 2017 Tuesday ,19 September

Egypt tourism revival steady but slow
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today 600,000 children may flee to Bangladesh

GMT 06:49 2017 Monday ,18 September

600,000 children may flee to Bangladesh
Arab Today, arab today Equifax executives step down

GMT 16:16 2017 Saturday ,16 September

Equifax executives step down
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Ministry seeks to improve education

GMT 14:49 2017 Sunday ,17 September

Ministry seeks to improve education
Arab Today, arab today New Zealand opposition looks

GMT 10:35 2017 Thursday ,14 September

New Zealand opposition looks
Arab Today, arab today 5,000 'Dieselgate' deaths in Europe per year

GMT 19:18 2017 Monday ,18 September

5,000 'Dieselgate' deaths in Europe per year
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Five trends at the Frankfurt auto show

GMT 12:04 2017 Monday ,18 September

Five trends at the Frankfurt auto show
Arab Today, arab today Renault-Nissan to launch

GMT 10:44 2017 Saturday ,16 September

Renault-Nissan to launch
Arab Today, arab today Eman Al Assy receives three offers

GMT 06:31 2017 Saturday ,16 September

Eman Al Assy receives three offers
Arab Today, arab today 'Severe' Typhoon Doksuri pounds Vietnam

GMT 15:49 2017 Friday ,15 September

'Severe' Typhoon Doksuri pounds Vietnam

GMT 11:10 2017 Friday ,15 September

Fadl Shaker retreats from surrendering himself

GMT 05:05 2017 Tuesday ,12 September

Pregnant woman's suicide roils China

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha

GMT 10:25 2017 Thursday ,14 September

Greece fumbled oil spill response

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 04:45 2017 Sunday ,17 September

France's hurricane-hit St Martin

GMT 21:57 2017 Sunday ,17 September

Russia and Iraq restore air travel

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 12:56 2017 Friday ,15 September

Apple's grand plan in Ireland held up by a forest

GMT 11:37 2017 Saturday ,12 August

Fashion designer reveals her new collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday