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Peugeot backs cash injection by Dongfeng, France: source

By Gilles Guillaume and Laurence Frost PARIS (Reuters) - PSA Peugeot Citroen's <PEUP.PA> board has approved an outline deal to raise cash by selling stakes to China's Dongfeng and the French government, a source close to the matter said on Monday, as the troubled carmaker posted a further drop in global sales. According to the person, who declined to be identified because the talks were confidential, the supervisory board approved the draft deal terms at a meeting late on Sunday.

Peugeot 'approves' capital hikes by French state, Chinese partner

The board of struggling French carmaker PSA Peugeot Citroen has in principle approved capital boosts by the French state and its Chinese partner Dongfeng, two sources close to the matter told AFP Sunday. They will inject a total three billion euros ($4 billion) into the company under terms yet to be defined, one of the sources said after a meeting by the board.

Peugeot board to examine Chinese capital boost plans

The board of troubled French carmaker PSA Peugeot Citroen is to review on Sunday different formulas for China's Dongfeng and the French state to become major shareholders. Several scenarios are on the table on how to carry out the capital hike of around 3.5 billion euros ($4.7 billion), according to two sources familiar with the plans. Europe's second-largest carmaker has been looking to shore up its finances and secure a stronger beachhead in the world's top car market since the slump in European auto sales forced it to seek a state bailout for its finance arm in 2012.

French car sales hit 15-year low in 2013

The French auto market sank to its lowest level in 15 years last year with 1.79 million new cars sold and with only a hesitant rebound expected in 2014, data published Thursday showed. Sales fell by five percent in 2013, figures from CCFA manufacturers association said. Light utility vehicles sales fell by 4.4 percent, it added. "The 2013 vintage is to be forgotten," said auto market analyst Flavien Neuvy of Cetelem credit company.

French car sales hit 15-year low in 2013

The French auto market sank to its lowest level in 15 years last year with 1.79 million new cars sold and with only a hesitant rebound expected in 2014, data published Thursday showed. Sales fell by five percent in 2013, figures from CCFA manufacturers association said. Light utility vehicles sales fell by 4.4 percent, it added. "The 2013 vintage is to be forgotten," said auto market analyst Flavien Neuvy of Cetelem credit company.

Wuhan: Detroit of the East gives green light to Renault

By Norihiko Shirouzu and Samuel Shen BEIJING/SHANGHAI (Reuters) - Renault SA <RENA.PA> clinched full access to China's auto market on Monday by sealing a joint venture agreement with state-owned Dongfeng Motor Group <0489.HK> in Wuhan, a city fast shaping up as China's own Detroit. Nine years after the two companies first announced plans for the joint venture, they finally inked a $1.3 billion 50-50 partnership to introduce the French carmaker's own locally assembled models in the world's biggest auto market.

General Motors finishes sale of PSA Peugeot Citroen stake for about $343 million

DETROIT - General Motors Co. got about $343 million for its 7 per cent stake in French automaker PSA Peugeot Citroen. The Detroit company on Friday said that it completed the private placement sale of 24.8 million PSA shares for 250 million euros. GM bought the PSA stake in March 2012 for $402 million when the companies announced a car-building and purchasing alliance. That means the company will lose about $59 million on the deal.

Peugeot shares tumble as GM offloads stake

By Blaise Robinson and James Regan PARIS (Reuters) - Shares in French carmaker PSA Peugeot Citroen <PEUP.PA> fell a further 11.6 percent on Friday, making for a 23 percent fall in just four days, after U.S. alliance partner General Motors <GM.N> sold its stake ahead of a possible new share issue by the struggling French carmaker.

Peugeot shares plummet after GM exit

Shares in French auto company Peugeot plummeted on Friday after auto giant GM said it was selling it's stake amid talk of a huge capital shake-up that could bring in the French state. In early trading, shares in PSA Peugeot Citroen sank 9.78 percent to 9.59 euros after already plunging 7.6 percent on Thursday. That dive came after loss-making Peugeot confirmed it is in talks with China's state-owned Dongfeng about a shareholder tie-up. Later Detroit-based GM announced it was dropping its 7-percent stake in the loss-making French carmaker.

GM to sell its 7-percent stake in French automaker Peugeot

DETROIT (Reuters) - General Motors Co <GM.N> said Thursday it will sell its entire 7 percent stake in French alliance partner PSA Peugeot Citroen <PEUP.PA> because the investment is no longer necessary. GM will sell the 24,839,429 shares through a private placement to institutional investors. The company had acquired the stake in Peugeot when it entered into an alliance with the French company in March 2012.
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