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

Nissan Micra benefits 1.0 litre gasoline engineNissan Micra benefits 1.0 litre gasoline engine
Nissan is offering the current Micra on the UK market with a new gasoline engine, more suitable for those looking for a more economical unit. ...

Concept Cars

Lexus LF-1 Limitless to be introduced in DetroitLexus LF-1 Limitless to be introduced in Detroit
After we saw the three row LX 570 model revealed in this year Los Angeles Motor Show, Lexus teases us with a new model. It is more like a design and customisation ...

Custom Cars

This is the new Land Cruiser FJ Company Signature EditionThis is the new Land Cruiser FJ Company Signature Edition
The FJ Company is a Miami-based aftermarket brand which has developed an intersting version for a handsome Land Cruiser classic. If you are willing to ...

Future Cars

Skoda Fabia update scheduled for Geneva debutSkoda Fabia update scheduled for Geneva debut
For the last three years was one of the best sold cars in Skoda range. Fabia is also responsible for current Skoda success and sales record. To keep up ...

Market News

Volkswagen US sales defies Dieselgate scandal expectationsVolkswagen US sales defies Dieselgate scandal expectations
Some might say Volkswagen had some difficult times in US after the Dieselgate scandal. But 2017 sales say something else. Volkswagen of America reported ...

Gadgets

Volkswagen and NVIDIA partner for Artificial IntelligenceVolkswagen and NVIDIA partner for Artificial Intelligence
Volkswagen is more and more preoccupied by introducing new technologies into its cars. So is looking some strong partners with great experience in this ...

Various News

The new Renault Clio will come to ParisThe new Renault Clio will come to Paris
The current generation Renault Clio is on the market for a long time. But according to AutoExpress, the french super-mini model will get a new generation ...

Motorsports

DS Racing Formula E car unveiledDS Racing Formula E car unveiled
Formula E is becoming more and more attractive for the European brands. One of the most important car manufacturer who takes part at the electric Grand ...

Videos

Tesla Model 3 clocked at 4.66 seconds for 0 to 60 mphTesla Model 3 clocked at 4.66 seconds for 0 to 60 mph
Tesla Model 3 should be a succesful model. The car was reserved more than 400.000 times before the launch and now the production has begun. ...