// IP Marketing video - START// IP Marketing video - END

Report: General Motors to buy stake in Peugeot

Report: General Motors to buy stake in Peugeot

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.

 Top stories
He said that his government would also focus on fighting corruption and "eliminating all barriers that impede business from developing".
“We have a simple problem:we prepare 400-500 specialists each year, while there is demand for 2000 professionals," he said.
At Shirak airport in the northern Armenian town of Gyumri, traffic soared by 150% in the reporting period against 2016.
“The investments will be spent to build a canning factory and slaughterhouses, expand greenhouse farms,” Ignati Arakelyan said.
Partner news