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PSA still influenced by founding family

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PSA still influenced by founding family

PSA Peugeot Citroen is on its way to complete the revival strategy that called for a capital boost of 3 billion euro ($4.1 billion) in which both Chinese partner Dongfeng Motors and the French state took matching 14% stakes in the automaker.

Because of the terms of the set up deal, the Peugeot founding family had to relinquish control over the automaker it set up, taking its stake to a matching 14% – the rest controlled by minority shareholders.

Now, as analysts and experts consider the influence of the family to have been considerably diminished, Robert Peugeot, head of the FFP family holding company had some explanations on the matter, voiced in an interview with French business daily Les Echos.

“We have three representatives on the board and I continue to chair the strategic committee,” he says. He also added the family would not abandon the carmaker. The answer is a clear ‘no’. Our current investment proves that.”

According to Peugeot, the automaker is not ready for a deeper alliance with another carmaker after the failed attempt with General Motors, which the executive considers was spooked by the situation in Europe and France. Also, the two partnerships – with BMW and Mitsubishi – would not be explored further, at least not at the moment.

Via Automotive News Europe

by Aurel Niculescu (my Google+) - Friday, May 16th, 2014 - filed under Citroen, Industry, News, Peugeot. Image credit: .
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