Arab Today, arab today peugeot shareholders approve dongfeng french state\s stakes
Last Updated : GMT 05:49:56
Arab Today, arab today
Arab Today, arab today

Peugeot shareholders approve Dongfeng, French state\'s stakes

Arab Today, arab today

Arab Today, arab today Peugeot shareholders approve Dongfeng, French state\'s stakes

Paris - AFP

Shareholders of French auto giant Peugeot Citroen on Friday approveda 3-billion-euro capital injection in a move that hands partial control to Chineseautomaker Dongfeng and the French state.Under the deal, Dongfeng and the French state would contribute 1.048 billion eurosin capital.The second part of the injected funds reaching 1.952 billion would come from all ofthe group's shareholders, including the French state and Dongfeng. France and Dongfeng -- China's second biggest automaker and controlled by theChinese state -- would then hold 14 percent of the company each, on par with thePeugeot family.Peugeot, the biggest auto group in France with about 90,000 employees, desperatelyneeds new capital to climb away from near disaster and develop innovative hybridengine technology.It has already been effectively rescued by the French state with guarantees of 7.0billion euros for its credit arm.Earlier Friday, it reported a rise in sales in the first quarter of this year.Sales revenue rose by 1.9 percent to 13.3 billion euros ($18.4 billion), despiteunfavourable exchange rates, and the number of vehicles sold rose by 7.7 percentfrom the equivalent figures last year.The number of vehicles sold totalled 726,000, with a boost from the group's twomain markets in Europe and in China.PSA Peugeot Citroen said that it had raised sales in Europe by 16.0 percent and inChina by 18.3 percent.But sales fell in Russia and in Latin America.The group estimated that this year the European market, pulling away from a deepdownturn, would grow by about 3.0 percent, and that the Chinese market would riseby 10 percent.But the Latin American market would shrink by 7.0 percent and the Russian marketby 5.0 percent.

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