General Motors (GM) Sells to Pegeuot-Citroen
The 7% share held by the French automaker PSA Peugeot – Citroen sells to General Motors (NYSE:GM) .
The company stressed that the most effective support provided to Peugeot is not necessary , however the move is calculated to have a loss of about $ 39 million .
Deputy General Motos, Steve Girsky said that:
“The participation of our shares, was intended to support the PSA in its efforts to raise funds at the time of the creation of the alliance of GM and PSA and this support is no longer necessary”.
As pointed out by the company’s management, the programs implemented in cooperation with Peugeot and Citroen will continue as normal, albeit with some modifications to make changes to schedules and plans.
The GM bought its stake in PSA in February 2012, paying about $ 400 million. Finally, we remind that a few days ago the U.S. group announced that the position of CEO will take over in January, the Mary Barra, the first female CEO in the company’s history.
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