Tags: Peugeot | Alliance | gm

Peugeot in Alliance Talks With GM

Wednesday, 22 Feb 2012 09:52 AM

 

Share:
A    A   |
   Email Us   |
   Print   |
   Forward Article  |
  Copy Shortlink

Shares in PSA Peugeot Citroen, Europe's second-biggest car manufacturer by sales, surged on Wednesday after it was confirmed to be in alliance talks with Detroit-based General Motors.

After Peugeot Citroen said it was in talks about "possible cooperations and alliances," France's labor minister confirmed the negotiations were with GM.

Shares in the company jumped 17 percent to euro16.82 in early Wednesday trading.

For GM, the talks raise the possibility that it might find a solution for its money-losing Opel and Vauxhall brands in Europe. GM Europe lost 700 million last year.

French Labor Minister Xavier Bertrand said on France's radio Europe 1 on Wednesday that Peugeot head Phillippe Varin "informed me yesterday of these discussions" but added that "it's up to him to talk about the specific details." An Opel spokesman declined comment.

Peugeot Citroen, second in Europe only to Germany's Volkswagen AG, had said late Tuesday that "in the framework of its strategy of globalization and performance improvement, PSA Peugeot Citroen is examining cooperation and alliances."

© Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Share:
   Email Us   |
   Print   |
   Forward Article  |
  Copy Shortlink
Around the Web
Join the Newsmax Community
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Retype Email:
Country
Zip Code:
 
You May Also Like
Around the Web

Newsmax, Moneynews, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, NewsmaxWorld, NewsmaxHealth, are trademarks of Newsmax Media, Inc.

MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved