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Peugeot reaches deal with Dongfeng and France
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PSA Peugeot Citroen has reached an outline deal with Dongfeng and France to raise up to 4 billion euros (US$5.5 billion) in fresh capital and deepen cooperation with the Chinese carmaker, sources familiar with the matter said.
The agreement is due to be presented to the Peugeot board on Tuesday and likely signed as a non-binding memorandum of understanding the same day, said three sources with direct knowledge of the situation who declined to be named.
Peugeot, battered by Europe’s prolonged auto demand slump and sustained by 7 billion euros of state guarantees, needs a cash infusion to stay afloat. The planned share sale to Dongfeng and the French government may be its last survival hope after the failure of earlier deal talks with US-based General Motors.
The accompanying industrial plan would see Peugeot and Dongfeng retain and expand their existing joint venture, increasing research and development cooperation with a view to expanding into Southeast Asian markets, according to the sources.
Peugeot has been in talks with Dongfeng for months over a rescue plan that would see the Chinese automaker and French government take matching stakes of 14 percent each.
With most details agreed, including a heavily discounted 7.50 euro issue price for the two new shareholders, the choice of a new independent chairman needs to be resolved, sources said.
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