French auto group Peugeot Citroen said Wednesday it had successfully completed the final stage of a 3-billion-euro ($4.1-billion) series of capital hikes that also brought in Chinese firm Dongfeng as a shareholder. The troubled French carmaker said it had raised the intended 1.95 billion euros in the share offer to the public, with demand surpassing 2.8 billion euros. The public share offering followed one worth just over 1 billion euros in which Chinese auto manufacturer Dongfeng and the French state acquired stakes in Europe's second-largest carmaker. Peugeot chief executive Carlos Tavares said the compan "is happy with the success of the operation which lets it go forward with key investments to implement its 'Bank in the Race' plan and reinforce its competitiveness in Europe, its technologies and its globalisation strategy." The additional funds raised from investors, plus a new 3-billion-euro credit line are aimed at getting Peugeot back into gear after net losses of 7.2 billion euros in the last two years led to its partial bailout by the French state. The automaker intends to reposition its brands in markets worldwide and notably in Asia, pursue cost cuts and put all its efforts into raising profits and building a money-making culture. Heavily dependent on European sales, Peugeot was hard hit by the slump in the market as the eurozone struggled through several years of crisis. The automaker is aiming for growth in China and South-East Asia to change its fortunes, and it is hoped the tie-up with Dongfeng will help it succeed in the region. Dongfeng, the French state and the Peugeot family each control 14.1 percent of the automaker after the capital increase. The share offer open to the public was at a considerable discount,pricedat 6.77 euros per share. Peugeot shares slid 0.13 percent to 9.43 euros on Wednesday in a Paris market that rose 0.37 percent
GMT 22:53 2018 Thursday ,13 December
Indian Minister of Trade meets with UAE Ambassador, Chairman of Emaar PropertiesGMT 13:41 2018 Thursday ,06 December
Tyre maker Continental opens lab to extract rubber from dandelionsGMT 15:22 2018 Friday ,30 November
Paper industry around famous Chinese lake to be shut down by 2019GMT 11:13 2018 Sunday ,18 November
Electricx 2018 kicks off with participation of over 20 countriesGMT 14:17 2018 Thursday ,25 October
BP eyes entering several new Rosneft projectsGMT 12:08 2018 Saturday ,20 October
OPEC participants performed Vienna Agreement by 111%GMT 16:14 2018 Saturday ,06 October
Saudi Aramco IPO to go ahead by early 2021GMT 19:01 2018 Thursday ,04 October
LEAD S. Korean firms offer aid for quake-hit IndonesiaMaintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©
Send your comments
Your comment as a visitor