Peugeot Family Not Opposed to Considering Alliances
The Peugeot family, which owns a 30 percent stake in PSA Peugeot Citroen, has apparently caught the same merger fever that has infected Fiat CEO Sergio Marchionne. Thierry Peugeot told French interviewers that the family would dilute its holding to attract a partnership.
Speaking to the French business daily Les Echos, Peugeot said the family “is not at all opposed to considering a certain number of alliances or tie-ups.” The Peugeot family owns 30 percent of the French automaker, and controls about 45 percent of the voting rights. Thierry Peugeot is the chairman of the supervisory board at PSA Peugeot Citroen.
Peugeot said the family would have to remain the majority shareholder, and said that any alliance or partnership would have to help promote the family’s goals of growth, profitability, and independence for the automaker. He said the family’s long-term goal is to boost global sales and give the automaker a stronger worldwide presence.
The interview comes just as speculation that Marchionne is seeking a merger proposal with the French automaker mounts, after his bid for GM’s European Opel/Vauxhall unit failed. Both companies have downplayed the rumors.
PSA Peugeot Citroen will also welcome its new CEO, Thierry Varin, at its annual shareholder’s meeting this week, the first public appearance for Varin. Varin replaces Christian Streiff, who was ousted from the CEO position three months ago.
Source: Automotive News