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UPDATE: France Ponders Possible Sale of PSA Stake
The French state is reviewing its holdings and could decide to sell all or part of its 14% stake in PSA Group, a government source tells Les Echos.
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The French state is reviewing its holdings and could decide to sell all or part of its 14% stake in PSA Group, a government source tells Les Echos.
Other sources tell the Financial Times such as sale would help France fund a €3 billion aid package for French electric utility EDF SA, which is constructing a nuclear power plant in the U.K.
The government acquired the holding in 2014 when it invested €800 million in PSA to help the company avoid financial collapse. PSA rebounded to a €1.2 billion profit in last year, and France’s stake has nearly doubled in value.
The government’s investment was intended to balance an equal stake acquired by China’s Dongfeng Motor Group. Les Echos concedes it isn’t clear whether France would balk at a stock sale to preserve the balance.
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