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Peugeot plans $7.26bn rescue

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PARIS — PSA Peugeot Citroen, Europe’s second-biggest carmaker, agreed to bring in Chinese partner Dongfeng Motor Corp and France as investors as part of a 5.27-billion-euro ($7.26 billion) rescue package. 

A worker works in the factory of Dongfeng Peugeot-Citroën Automobile Limited (DPCA) in Wuhan, central China's Hubei province. (Photo by AFP)

Peugeot will shore up financing by selling new stock and warrants and setting up auto-loan joint ventures with Banco Santander SA, the Paris-based manufacturer said today. The carmaker separately renewed a 2.7-billion-euro credit line with banks. Peugeot also said cash consumption last year fell 86%, beating a target of reducing the figure by half.

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