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Peugeot family says to retain long-term PSA stake-media
May 15, 2014 / 6:41 AM / 3 years ago

Peugeot family says to retain long-term PSA stake-media

PARIS, May 15 (Reuters) - The Peugeot family intends to retain a long-term shareholding in the PSA-Peugeot-Citroen group after China’s Dongfeng and the French state last month took stakes, Robert Peugeot, head of the FFP family holding company, told business daily Les Echos.

Last month’s 3 billion euro ($4.1 billion) capital increase saw the founding family’s shareholding diluted to 14.1 percent, putting it on parity with the French state and Dongfeng with similar holdings. It also ceded control of the supervisory board to the government representative, Louis Gallois.

“There is no change, there is still a strong family presence,” Peugeot told the newspaper. “We have a very long history in the auto sector and we want to maintain that.”

Asked whether the family could at any time pull out of the auto-maker, he said: “The answer is a clear ‘no’. Our current investment proves that.”

PSA is banking on its ties with Dongfeng to help it to fund its future expansion and accelerate its growth in China and other Asian markets. ($1 = 0.7294 Euros) (Reporting by Jean-Michel Belot; writing by Mark John; Editing by Andrew Callus)

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