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
-
UAW to Continue GM Strike Pending Contract Ratification
The United Auto Workers union will continue its walkout at General Motors Co. pending ratification of a new four-year labor agreement by union members next week.
-
GM Unit Stresses Driver Training in Autonomous Cars
General Motors Co.’s Cruise Automation unit says it puts backup drivers and auditors through extensive training before allowing them to participate in real-world autonomous vehicle tests.
-
Marchionne Cancels Trip to Paris Auto Show
Fiat Chrysler Automobiles CEO Sergio Marchionne has cancelled a planned appearance at the Paris auto show on Thursday.