Arab Today, arab today peugeot family rules out taking gm stake
Last Updated : GMT 17:27:10
Arab Today, arab today
Arab Today, arab today

Peugeot family rules out taking GM stake

Arab Today, arab today

Arab Today, arab today Peugeot family rules out taking GM stake

Paris - AFP

The family controlling PSA Peugeot Citroen has ruled out the prospect of taking a stake in US auto giant General Motors, the newfound partner of the French carmaker, because the two will remain rivals. Robert Peugeot, who heads the holding company which controls Peugeot, told Friday\'s edition of the Le Figaro daily that there was no prospect \"today\" of such a move, after a tie-up announced Wednesday whereby GM will take a seven percent stake in the French group. \"It is also not envisaged that General Motors will get a seat on the management board because the two companies are going to remain competitors,\" Robert Peugeot told the newspaper. He said he had the feeling of being at a \"historic moment. From a strategic point of view, the alliance with GM is as important as the tie-up with Citroen.\" It is also \"firstly an industrial cooperation deal which allows us to think about durable growth for the group. The tie-up aims for two billion dollars in savings a year, shared equally between the two parties,\" he said. Separately, Thierry Peugeot, who heads the auto company\'s supervisory board, told Friday\'s Les Echos daily that the family did not want to reduce its stake to less than 33 percent, the minimum required for a blocking minority holding. Thierry Peugeot added that \"GM cannot go above seven percent during the duration of the alliance, which lasts for 10 years.\" Currently, the Peugeot family holds some 45 percent of the voting rights in the company but this will fall to 40 percent after the deal which includes a share issue. PSA Peugeot Citroen and GM said Wednesday their global cooperation deal would slash costs for both and boost their competitiveness in Europe. The two said GM, the world\'s largest automaker, would take a 7.0 percent stake in Peugeot Citroen, Europe\'s number two after Volkswagen of Germany but officials stressed the limited aims of the deal. \"This is an alliance, not a merger,\" GM chairman and chief executive Dan Akerson said in a conference call. Peugeot managing board chairman Philip Varin noted that the French automaker \"remains independent, very clearly, on its strategic plan and its capital.\" French Industry Minister Eric Besson welcomed the deal as \"good news\" for jobs, saying he had been assured by Peugeot \"that this partnership will be favourable to PSA\'s employment and presence in France.\"

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 peugeot family rules out taking gm stake Arab Today, arab today peugeot family rules out taking gm stake

 



Arab Today, arab today

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 peugeot family rules out taking gm stake Arab Today, arab today peugeot family rules out taking gm stake

 



Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Zainab Fadel Oglu designs “Shakerin” mosque

GMT 12:13 2017 Thursday ,11 May

Zainab Fadel Oglu designs “Shakerin” mosque
Arab Today, arab today Seeks to move past rift with Israel

GMT 08:00 2017 Monday ,08 May

Seeks to move past rift with Israel
View News in Arabic - Business: أخبار الشركات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Girl barred from Malaysia chess competition

GMT 09:49 2017 Tuesday ,02 May

Girl barred from Malaysia chess competition
Arab Today, arab today Mozambique's gas boom dream under threat

GMT 16:29 2017 Monday ,08 May

Mozambique's gas boom dream under threat
Arab Today, arab today Prepares to give stargazers an eyeful

GMT 13:38 2017 Monday ,06 March

Prepares to give stargazers an eyeful
Arab Today, arab today Jaguar displays XF Sportbrake line

GMT 14:36 2017 Monday ,08 May

Jaguar displays XF Sportbrake line
Arab Today, arab today BMW sees forecasts in reach

GMT 09:04 2017 Thursday ,04 May

BMW sees forecasts in reach
Arab Today, arab today Climate science: Bad news gets worse

GMT 08:48 2017 Saturday ,06 May

Climate science: Bad news gets worse
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