Report: General Motors to buy stake in Peugeot February 28, 2012 - 20:14 AMT PanARMENIAN.Net - General Motors is set to purchase up to seven percent of French auto giant Peugeot Citroen, sources told Dow Jones Newswires, adding that a deal could be announced as early as Wednesday, February 29. People familiar with the matter said Tuesday that GM sees Peugeot as its "primary partner" in Europe. The sources said that France's largest carmaker had no plans to take a reciprocal stake in GM. Peugeot shares jumped seven percent in Paris afternoon trade, Fox News reported. Earlier Tuesday, French newspaper Les Echos said Detroit-based GM was nearing a deal to purchase slightly less than five percent of Peugeot. The two automakers were first reported last week to be mulling a strategic alliance that would include some joint production in Europe. The potential-tie up comes as GM scrambles to turn around its struggling European operations. GM said earlier this month that it lost $747 million in the region during 2011, despite record profits for the fiscal year worldwide. Peugeot, which is 30.3 percent family-owned, is France's largest car manufacturer, ahead of Renault, and Europe's second largest, behind Volkswagen. Partner news  Top stories Finance Minister David Sargsyan met with the regional director of KfW German Development Bank Lars Oermann. The government has said it expects its debt burden to rise to 90.5% of GDP at the end of 2013 but it may have to revise the forecast. According to the agreement, 300 000 euro will be allocated to preparation of a feasibility report for Ararat valley flooding system. Flights will depart from Sharjah International Airport on Tuesdays and Fridays, Air Arabia said in a statement.   Partner news |  Latest news Facebook CEO meets South Korean President  Mark Zuckerberg's visit is the latest in series of meetings between Park and high-profile U.S. technology pioneers.Abraham threatens to retire over money disagreement “I do not need to continue my boxing career, and I can finish it right now. Athletes should be treated fairly,” Abraham stated.U.S., Cuba to hold talks on mail services resumption "This is something we feel is good for us, but it's not meant to be a signal of anything or indicate a change in policy," Jen Psaki said.Adobe releases major updates to flagship products There will also be integration with NY-based Behance, which Adobe acquired late last year for an undisclosed amount. |
