Home » News » GM » GM sells stake in PSA Peugeot Citroen
General Motors announced it is selling its entire 7 percent stake of 24,839,429 shares in PSA Peugeot Citroen (PSA) through a private placement to institutional investors. GM acquired the stake in PSA when it entered into its strategic alliance in March 2012.

“Our equity stake was planned to support PSA in their efforts to raise capital at the time of the creation of the GM and PSA alliance, and that support is no longer needed,” said GM Vice Chairman Steve Girsky. “The alliance remains strong with our focus on joint vehicle programs, cross manufacturing, purchasing, and logistics. We’re making good progress while remaining open to new opportunities.”

Although this decision, PSA Peugeot Citroen and General Motors also announced further steps in their strategic Alliance. The Alliance remains structured around the main pillars of joint programs – purchasing and logistics, focused on Europe, and extends into cross manufacturing.

The two companies confirmed continued cooperation for two products based on PSA platforms – the B-MPV multi-purpose vehicle and C-CUV crossover-utility vehicle programs. Additionally, the partners will cooperate on new generation products in the light commercial vehicle B-segment, based on a PSA new generation platform. The first vehicles from the Alliance are expected to launch starting in 2016.

In addition, the parties will balance manufacturing – with each company producing one vehicle for the other. As announced in October, B-MPVs from both companies will be built in the GM España plant in Zaragoza. Today, the partners announced they would build their future C-CUVs in the French PSA plant in Sochaux.

The updated synergies expected from the Alliance are estimated at approximately $1.2 billion by 2018. The synergies will be shared about evenly between the two companies.

GM and PSA also agreed to amend certain other terms of the Alliance. They will simplify the joint governance of the Alliance and remove as a ground for terminating the Alliance the failure to achieve a minimum number of cooperation programs within a specific time. They also agreed to a waiver of GM’s right to terminate the Alliance under certain conditions in the event certain parties take a stake in PSA, in which case such parties would support the Alliance. GM would vote any PSA shares it would then hold in favor of any such transaction.

Related Articles

Leave a Comment

Fields marked with * are required
Name *:
Email *:
Comment *:
Code *:
  CAPTCHA
  • Email
  • YouTube
  • RSS
  • Twitter
  • facebook
  • feedburner

Related Specs

  1. 2004 Cadillac CTS-V/GM Racing

    Engine: LS6 V-8 w/Dry Sump Lubrication, Power: 83 mm / 3.27 in, Torque: 569.44 nm / 420 ft lbs @ 5600 rpm
  2. 2010 Ford Mustang

    Engine: V8, Power: 315 hp @ 6000 rpm, Torque: 325 lb-ft @ 4250 rpm
  3. 2009 Nissan 370Z

    Engine: VQ37VHR Variable Valve Timing NA V6, Power: 332 bhp @ 7000 rpm, Torque: 270 lb-ft. @ 5200 rpm
  4. 2010 Bentley Azure T

    Engine: Twin Turbocharged V8, Power: 500 bhp / 507 PS / 373 kW @ 4,200 rpm, Torque: 738 lb ft / 1,000 Nm @ 3,200 rpm
  5. 2009 Porsche Cayman

    Engine: 6 Cylinder Horizontally Opposed "Boxer", Power: 320 bhpN/A

New Vehicles

Hyundai i30 N Line starts at £21,255 in UKHyundai i30 N Line starts at £21,255 in UK
After a long wait, Hyundai is finally making the most of its new N Performance division. The South-Korean manufacturer has officially announced the pricing ...

Concept Cars

Volkswagen I.D. R Pikes Peak concept carVolkswagen I.D. R Pikes Peak concept car
Volkswagen wants to increase its awareness in US and will compete in one of the most popular races there. Volkswagen's latest motorsport project has been ...

Custom Cars

ABT Cupra Ateca offers more powerABT Cupra Ateca offers more power
Just introduced on the market during this fall, the new Cupra Ateca already benefits from a tuning package created by a german tuner. It is well known ...

Future Cars

Bentley to unveil a special model this JulyBentley to unveil a special model this July
Bentley is celebrating with style its 100th anniversary. Not only it will take by storm the Goodwood Festival of Speed, but also reveal the future of ...

Market News

Current Seat Leon, best sold generation everCurrent Seat Leon, best sold generation ever
On the edge of bankruptcy just five years ago, Seat is now booming and enjoys good sales. The current generation Leon is one of the cars that helped Seat ...

Gadgets

Volvo and Uber launch their self-driving carVolvo and Uber launch their self-driving car
Volvo is one step ahead when it comes to self-driving cars. The most recent announcement demonstrates this. Together with Uber, the leading ride-hailing ...

Various News

Fiat Mirafiori plant celebrates 80 years anniversaryFiat Mirafiori plant celebrates 80 years anniversary
Fiat has a strong heritage and tradition when it comes to producing cars in Italy. The installation of a state-of-the-art Comau robot today at one of ...

Motorsports

Volkswagen ID R Pikes Peak - First test runVolkswagen ID R Pikes Peak - First test run
Volkswagen has officially unveiled the new Volkswagen ID R Pikes Peak Concept. The car is set to compete in the famous Pikes Peak Hill Climb event which ...

Videos

VIDEO: Top 5 Mercedes-AMG featuresVIDEO: Top 5 Mercedes-AMG features
Mercedes-AMG has published a special video that features a five must-have features. Number five is drift mode which sends some extra power to the rear wheels. ...