Your Bailout Dollars At Work: GM Considers Purchasing Stake In French Automaker

PSA Peugeot Citroen may announce as soon as this week plans to sell a stake of about 7 percent in the French carmaker to General Motors Co. as part of a development alliance, people familiar with the matter said.

The deal would involve a standstill agreement by which GM would not take a greater holding in the Paris-based carmaker without permission, said the people, who asked not to be identified because the talks are private. Peugeot may offer additional shares through a rights issue as part of the transaction, the people said.

The French financial daily, Les Echos, cited unnamed sources saying that GM might initially take a stake of under 5 percent in PSA Peugeot Citroen, but said a deal hadn't yet been concluded.

 

DWONGSWONG - 2/29/2012 12:50:09 AM

+6 Boost

blazingboy,
Since they are so successful, why don't they pay the taxpayers back all the money they got from the bailouts and then they can do whatever they want with that money. Until then, don't spend my money on bonuses for the executives and UAW or buy anything else. That also goes to the banks that received the bailouts and the Solydra execs who just received bonuses.