GM Dumps ALL PSA Stock - After All, Who Wants To Be Associated With A Possible Bankruptcy?

General Motors Co. today announced it has completed the sale of its entire 7 percent stake in PSA Peugeot Citroen through a private placement to institutional investors. The private placement of 24,839,429 shares generated gross proceeds of €0.25 billion.

This announcement is for information purposes only and does not constitute an offer to sell or the solicitation of an offer to buy any securities and the offer of PSA shares does not constitute a public offering in any jurisdiction, including France.

The offer and sale of the PSA shares referred to in this announcement has not been, nor will be, registered under the United States Securities Act of 1933 (the "Securities Act") and the PSA shares may not be offered or sold in the United States absent such registration or an applicable exemption from the registration requirements of the Securities Act. There will be no public offering of the securities in the United States in connection with this transaction.

Any investment decision to buy shares in PSA must be made solely on the basis of publicly available information regarding PSA. Such information is not the responsibility of GM and has not been independently verified by GM.

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MattDarringer - 12/24/2013 2:46:51 PM

+1 Boost

GM should be looking at how to put PSA out of business in Europe so as to give Opel a chance of not going belly up as well.

nguyenvuminh - 12/24/2013 8:40:21 PM

+1 Boost

That's it MattD - You really know how much control GM has over PSA with a 7% stake in a platform-SHARING pact don't you.

MattDarringer - 12/25/2013 5:12:30 PM

+1 Boost

That's it nguyenvuminh, way to completely miss the point. The only way for GM to be profitable in Europe is to gain market share and one way to do that is to force someone out of the market. Cooperating with PSA on buying to get a better rate works AGAINST GM because it props up PSA. The French auto industry as it is now will not last forever the sooner PSA is gone the better it will be for GM Europe. PSA is on the verge of a collapse. Hastening that is "good business" for GM. Also read the article. GM dumped its stock.