PSA to Sell Stake in French Bank

PSA Peugeot Citroen says it will sell its 0.3% holding in Paris-based BNP Paribas SA, the world's third-largest bank, for about €177 million.

The carmaker, which burned through €200 million in cash per month in 2012, has been divesting operations, investments and properties to shore up its balance sheet. PSA unloaded €2 billion of assets last year and has said it would sell €200 million of real estate this year.