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.
Keep up-to-date with the latest on coup d'etat with Bangkok Post SMS News. Call *451391000 to subscribe – 39 baht/month (7 days free, available in Thailand only) Bangkok Post SMS News: Deliver only trustworthy news on SMS
This article is older than 60 days, which we reserve for our premium members only.You can subscribe to our premium member subscription, here.