Bloomberg News

Peugeot Doesn’t Plan to Buy GM Shares Family Member Tells Figaro

March 01, 2012

PSA Peugeot Citroen (UG) doesn’t intend to buy shares in General Motors Co. (GM) and the Detroit-based carmaker’s investment in Peugeot will be capped at 7 percent, FFP Chairman Robert Peugeot said in an interview with Le Figaro.

GM won’t get a seat on Peugeot’s board either as the two carmakers will remain competitors, Peugeot also told the newspaper.

Peugeot’s alliance with GM is as strong as its merger with Citroen from a policy perspective and will accelerate the French carmaker’s development outside of Europe, Le Figaro reported Peugeot as saying.

The alliance will provide GM with a long term solution for its presence in Europe, Peugeot added, according to the newspaper.

To contact the reporter on this story: Andrew Roberts in Paris at aroberts36@bloomberg.net

To contact the editor responsible for this story: Sara Marley at smarley1@bloomberg.net


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