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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.
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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.
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