Mexican Media Brands
PSA: Attacks on Strategy Could Make It Takeover Target
Intense criticism of PSA Peugeot Citroen's restructuring plans by the French government and unions have weakened investor confidence in the carmaker, thus leaving it vulnerable to a hostile takeover, Chairman Thierry Peugeot alleges.
#labor
Share
Intense criticism of PSA Peugeot Citroen's restructuring plans by the French government and unions have weakened investor confidence in the carmaker, thus leaving it vulnerable to a hostile takeover, Chairman Thierry Peugeot alleges.
Peugeot tells Le Figaro the attacks have created a "dangerous situation." He did not explain why the Peugeot family's 37.9% voting stake in the company would not protect it from an unwanted suitor.
The company's shares tumbled as much as 18% to €5.86 after the job cuts were announced but recovered to close at €6.57 on Friday.
Politicians and labor leaders object to PSA's plans to close an assembly plant in Aulnay, France, and shed as many as 8,000 jobs across the country.
RELATED CONTENT
-
Denmark, 10 Other EU Members Urge Piston Ban
Denmark and 10 other member nations of the European Union have urged the region to allow them to end gasoline and diesel engine sales by 2030.
-
Skilled-Trade Workers Reject GM Contract, Ratification in Limbo
The United Auto Workers union says its production workers ratified a new four-year labor contract with General Motors Co. by a 58% margin.
-
GM, PSA Execs Rush to Build Support for Opel Sale
Top executives from General Motors Co. and PSA Group are scrambling to build support among alarmed European government and labor leaders for a plan to integrate GM’s Opel unit with PSA.