Report: General Motors to buy stake in PeugeotFebruary 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. Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | Narek Manasyan wins European Boxing Championships silver for Armenia Armenia’s Narek Manasyan (92kg) won Armenia’s second silver medal at the European Boxing Championships 2024 on April 28. Blinken urges Azerbaijan to continue negotiations with Armenia Secretary of State Antony J. Blinken has urged Azerbaijani President Ilham Aliyev to continue negotiations with Armenia. Pashinyan, Blinken talk Armenia-U.S. ties over the phone Prime Minister Nikol Pashinyan had a phone conversation with US Secretary of State Antony Blinken on April 28, Pashinyan’s office reports. Titus, Bilirakis lead legislation to sanction Azerbaijani war criminals Representatives Dina Titus (D-NV) and Gus Bilirakis (R-FL) have introduced the bipartisan legislation. |