Arab Today, arab today peugeot family rules out taking gm stake
Last Updated : GMT 15:14:28
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

 



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
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 US travel restrictions are still 'Muslim ban'

GMT 00:54 2017 Tuesday ,26 September

US travel restrictions are still 'Muslim ban'
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 Israel builds settlements 'at high rate'

GMT 01:04 2017 Tuesday ,26 September

Israel builds settlements 'at high rate'
Arab Today, arab today Saudi clerics use Twitter, textbooks

GMT 10:13 2017 Tuesday ,26 September

Saudi clerics use Twitter, textbooks
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Personality study finds fish have hidden depths

GMT 00:43 2017 Tuesday ,26 September

Personality study finds fish have hidden depths
Arab Today, arab today China refuses visa to elderly India runner

GMT 15:01 2017 Tuesday ,26 September

China refuses visa to elderly India runner
Arab Today, arab today Botanical gardens a lifeboat

GMT 02:50 2017 Tuesday ,26 September

Botanical gardens a lifeboat
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 Chevrolet's first 9-speed auto debuts

GMT 18:58 2017 Monday ,25 September

Chevrolet's first 9-speed auto debuts
Arab Today, arab today Third generation adds more power

GMT 13:40 2017 Sunday ,24 September

Third generation adds more power
Arab Today, arab today Mai Kassab happy for participating in new film

GMT 09:33 2017 Friday ,22 September

Mai Kassab happy for participating in new film
Arab Today, arab today Conditions growing dire    

GMT 09:22 2017 Monday ,25 September

Conditions growing dire    

GMT 08:56 2017 Thursday ,21 September

Lebleba is preoccupied in filming 'Back Street'

GMT 10:27 2017 Sunday ,24 September

'Lady Beast' fights for girl gamers

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha

GMT 05:05 2017 Sunday ,24 September

Psychologists help Mexico deal

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 16:08 2017 Monday ,25 September

'World's heaviest woman' dies

GMT 12:09 2017 Sunday ,24 September

Taxi! Transport gets an overhaul

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 12:46 2017 Thursday ,21 September

Google likely to buy stake in Taiwan smartphone maker HTC

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