Peugeot Family Looks to Raise Steak in PSA-Fiat Reuters has reported.
The Peugeot family will own around 6.2% in the newly merged carmaker and aims to increase its holding as soon as possible, a representative said in a newspaper interview for L’Est Republicain.
PSA and Fiat Chrysler reached an agreement last month on a $50 billion (£38 billion) merger that will create the world’s 4th largest carmaker. The deal will complete in 12-15 months.
The terms of the deal allow the Peugeot family to increase its shareholding by up to 2.5%. The family can acquire shares from China’s Dongfeng Motors and Bpifrance Participations French state investment bank, who are both PSA shareholders.
Asked by L’Est Republicain if increasing the stake was an objective, Jean-Philippe Peugeot, head of the family’s Etablissements Peugeot Freres holding company, said that it was.
“There was a complex negotiation to obtain this possibility. It wasn’t necessarily a foregone conclusion. Once the merger is complete, my family will give favourable signals,” Peugeot told the newspaper.
A PSA spokesman told Reuters that Peugeot’s remarks were “in line with what had been indicated” when the deal signed. FCA declined to comment.
Peugeot also said that he expected the French state, represented through Bpifrance, to exit the new company eventually.
“I think that it is not meant to be there forever. It will undoubtedly remain long enough to make sure that (French) jobs are safe over time,” he said.
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