Arab Today, arab today peugeotcitroen reeling from gm retreat
Last Updated : GMT 11:29:33
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Arab Today, arab today

Peugeot-Citroen reeling from GM retreat

Arab Today, arab today

Arab Today, arab today Peugeot-Citroen reeling from GM retreat

Paris - MENA

French automaker Peugeot-Citroen confirmed it was in discussion with Chinese auto company Dongfeng while shares were plummeting. Shares dropped 7.6 percent Thursday and 9.8 percent Friday, the drop precipitated by an announcement from U.S. automaker General Motors that it was selling its 7 percent stake in the company. Radio France Internationale reported Saturday that there is also talk of a French government intervention to help Europe's second largest car company whose shares have dropped to $13.16. The possibility of a government investment "will certainly be raised, but for now let's leave the companies to discuss among themselves," said Arnaud Montebourg, the French Industrial Renewal Minister during a radio interview on Friday.  

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