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Old 02-28-2012, 10:36 AM   #1
AVANTI R5
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Default GM in talks to buy 7% Peugeot stake, report says

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NEW YORK (Bloomberg) -- PSA Peugeot Citroen may announce as soon as this week plans to sell a stake of about 7 percent in the French carmaker to General Motors Co. as part of a development alliance, people familiar with the matter told Bloomberg.

The deal would involve a standstill agreement by which GM would not take a greater holding in the Paris-based carmaker without permission, said the people, who asked not to be identified because the talks are private. Peugeot may offer additional shares through a rights issue as part of the transaction, the people said.

Separately, Reuters cited sources saying GM would likely buy a stake of less than 5 percent.

A GM-Peugeot alliance may include developing engines and building vehicles together in the region, a person familiar with the situation said last week. Klaus-Peter Martin, a GM spokesman, declined to comment today when contacted by Bloomberg News. Jonathan Goodman, a Peugeot spokesman, also declined to comment.

GM, the world's largest carmaker, is looking for ways to turn around its unprofitable Opel brand, while Peugeot is seeking to stem a growing debt load. Peugeot's 2011 sales in Europe plunged 8.8 percent to 1.68 million vehicles. GM's dropped 1.9 percent to 1.17 million. Auto executives expect deliveries in the region to shrink in 2012 for a fifth year.

No final agreement has been reached on the alliance and the size of the stake could change, the people said.

Possible Partnerships
Peugeot CEO Philippe Varin said this month that the company was willing to investigate partnerships as long as they were in line with the group's strategy, including expansion outside Europe, and contributed synergies while maintaining Peugeot's independence.

Peugeot, Europe's second-biggest automaker after Volkswagen AG, announced plans Feb. 15 to sell 1.5 billion euros in assets to reduce debt, which widened to 3.4 billion euros as profit and sales fell.

GM, which this month posted annual net income of $7.6 billion after dividends for 2011, is planning more cost cuts for its unprofitable European unit after the last turnaround plan failed to end losses there.

The automaker's Europe business, including the Opel brand, lost $747 million last year before taxes and interest. While that's an improvement from $1.95 billion lost in 2010, GM had planned to break even in the region until November, when it pulled back the forecast as the European outlook worsened.

Peugeot origins
Peugeot, whose origins date back to the early 19th century laminated steel- and toolmaker Peugeot-FrŤres et Jacques Maillard-Salins, is still 30 percent owned by the Peugeot family, according to data compiled by Bloomberg.
The company's current chairman Thierry Peugeot is the great-grandson of Eugene, who jointly led the company with his cousin Armand when it produced its first automobile in 1891. Thierry is joined on the board by relatives Roland, Robert and Jean-Philippe Peugeot, and Marie-Helene Roncoroni.

Blackrock Inc. last year became the second-largest investor with 5 percent, according to a regulatory filing.

Peugeot, whose carmaking division missed a target of breaking even in 2011, said Feb. 15 it will sell property as well as a holding in the Gefco trucking unit that has yet to be determined. The disposals include the Citer vehicle-rental unit that Peugeot sold to Enterprise Holdings Inc. on Feb. 1 for 440 million euros.

Earnings before interest, taxes and one-time gains or costs fell to 1.32 billion euros in 2011 from 1.8 billion euros a year earlier, Peugeot said this month. The company's deliveries globally fell 1.5 percent to 3.5 million vehicles in 2011, led by the drop in Europe.
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Old 02-28-2012, 12:58 PM   #2
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Well, I want a CitroŽn DS4.
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Old 02-28-2012, 02:18 PM   #3
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Originally Posted by justincredible
Well, I want a CitroŽn DS4.
I'll take a DS3 or 208 GTI while you're at it GM.
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Old 02-28-2012, 04:11 PM   #4
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i can use some french love in the states
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Old 02-28-2012, 08:52 PM   #5
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Originally Posted by justincredible View Post
Well, I want a CitroŽn DS4.
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Originally Posted by Dex View Post
I'll take a DS3 or 208 GTI while you're at it GM.
And I'll get an RCZ (with the Hybrid4 system please ).
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Old 02-29-2012, 10:41 PM   #6
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I think this is a piss-poor idea.

On the other hand, if they're going to do this right, I hope they take a stake in Mazda too.

Chevrolet
Buick-Mazda-GMC
Cadillac-Peugeot
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Old 02-29-2012, 11:22 PM   #7
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Originally Posted by Eyeflyistheeye View Post
Chevrolet
Buick-Mazda-GMC
Cadillac-Peugeot
That's kind of a strange idea you got there.
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Old 02-29-2012, 11:27 PM   #8
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Here we go again. GM up to their old tricks. Great! They recently have made some profit and now, they are quickly running around buying stuff they don't need, again.Gees, when will they ever learn?
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Old 03-01-2012, 03:01 AM   #9
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Here we go again. GM up to their old tricks. Great! They recently have made some profit and now, they are quickly running around buying stuff they don't need, again.Gees, when will they ever learn?
Their money would have been better spent buying into Honda or Mazda. They already have a second-rate European brand with Opel and didn't need a capital infusion to codevelop cars with PSA.
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Old 03-02-2012, 03:26 AM   #10
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Peugeot makes good small cars and small cars are going to run the world. Just sayin'
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Old 03-02-2012, 12:45 PM   #11
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Originally Posted by Eyeflyistheeye View Post
Their money would have been better spent buying into Honda or Mazda. They already have a second-rate European brand with Opel and didn't need a capital infusion to codevelop cars with PSA.
I think PSA was the cheapest option as Honda and Mazda are worth a lot more than $3bn.
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Old 03-02-2012, 05:14 PM   #12
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Quote:
Originally Posted by Eyeflyistheeye

Their money would have been better spent buying into Honda or Mazda. They already have a second-rate European brand with Opel and didn't need a capital infusion to codevelop cars with PSA.
I think the idea here is for GM to improve sales in Europe. How are Honda and Mazda helping with this goal? Peugeot sells way more vehicles than Honda or Mazda in Europe. Last time I've checked PSA Peugeot-Citroen was number 2 right behind VAG.

Last edited by neg_matnik; 03-02-2012 at 06:36 PM. Reason: Fixing big fat typo...
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