May 21, 2014 / 5:20 PM / in 3 years

Peugeot says share issue oversubscribed

PARIS (Reuters) - French carmaker PSA Peugeot Citroen (PEUP.PA) said on Wednesday the second part of its share issue was oversubscribed, with demand reaching 145 percent of the shares offered.

A Peugeot company logo is seen outside an automobile dealership in Paris December 13, 2013. REUTERS/Charles Platiau

The company said total demand for the 1.95 billion euro ($2.7 billion) issue was 2.82 billion euros. Including the first part of the operation - which was reserved for the French state and China’s Dongfeng (0489.HK) - it raised about 3 billion euros to fund its “Back in the Race” recovery plan and tie-up with Dongfeng.

Under the plan, the French state and Dongfeng will each acquire 14.1 percent of the carmaker, which posted a net loss of more than 7 billion euros for 2012-13.

The new shares will be traded from Friday.

Reporting by Geert De Clercq and Gilles Guillaume; Editing by David Holmes

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