Key Developments: Peugeot SA (PEUP.PA)
7.00EUR
24 May 2013
€0.01 (+0.14%)
€6.99
€7.04
€7.10
€6.96
4,565,903
4,749,473
€8.67
€4.32
Latest Key Developments (Source: Significant Developments)
Peugeot SA To Shut Site Near Paris; Plans To Sell Building At Meudon; To Cut 8,000 Jobs-Reuters
Reuters reported that Peugeot SA plans to close a research and administrative site near Paris and transfer its 660 workers to other plants as part of the French carmaker's cost-cutting plans, according to an internal document. The group also plans to put the building at Meudon, on the outskirts of Paris, up for sale. The carmaker is cutting 8,000 jobs under a restructuring plan aimed at coping with a slump in auto demand in Europe. Full Article
Peugeot SA and CGT Union Sign Agreement to End Strike at Aulnay Plant
Peugeot SA (PSA Peugeot Citroen) announced that its management signed an agreement with the CGT union to end the workers' strike that began January 16, 2013 at the Aulnay car plant. The strike action involved roughly 130 of the 2,500 people employed at the site. The agreement follows an earlier agreement signed by five of the six labour unions, i.e. CFDT, CFTC, CFE/CGC, FO and GSEA, on the employee support measures set out in the Group's industrial reorganisation plan. Among the key provisions of the agreement are the following: a return to work for all employees; an end to all challenges to the redundancy plan raised by the CGT and the employees concerned - on this point, the CGT has agreed to drop the appeal lodged against the Group’s restructuring plan; by end-May 22013, 130 strike participants will benefit from outplacement assistance measures provided under the plan, and PSA Peugeot Citroen will not compensate employees for days spent on strike. Full Article
Peugeot SA Proceeds with Restructuring Plan-Le Figaro
Le Figaro reported that Peugeot SA is implementing its restructuring plan following the verdict of the Paris District Court, which rejected attempts to suspend the plan made by trade unions the CGT and SUD. The plan involves cutting 8,000 jobs. In total, the Company aims to reduce its staff by 11,200 people, including job cuts resulting from an existing retirement plan. The Company intends to redeploy the workers affected to avoid redundancies. It has identified 3,750 redeployment solutions for the 2,500 staff at its Aulnay plant. Full Article
Peugeot SA Announces Ruling of Paris District Court on Restructuring Plan
Peugeot SA announced that it takes note of the ruling handed down by the Paris District Court on April 26, 2013, following the proceedings initiated by the CGT metalworkers union and the Aulnay-Sous-Bois affiliate of the SUD trade union. The ruling will allow the Group to pursue the industrial reorganization project and its implementation after the next meeting of the Central Works Council, scheduled for April 29, 2013. Full Article
Members of SUD Trade Union Return to Work at Peugeot SA's Aulnay-sous-Bois Plant-Le Figaro
Le Figaro reported that the SUD trade union has decided to stop the strike by its members at Peugeot SA's Aulnay-sous-Bois plant. The SUD plans to continue to fight against the closure of the plant in the courts. The SUD attributed the decision to a disagreement with the CGT trade union. The CGT is now the only trade union which is continuing the strike at Aulnay-sous-Bois. Full Article
Peugeot SA's Banque PSA Finance Downgraded by Moody's-Reuters
Reuters reported that Moodys downgraded the standalone Bank Financial Strength Rating (BFSR) of Peugeot SA's Banque PSA Finance to D from D+, equivalent to a baseline credit assessment (BCA) of ba2 from ba1. Moody's has also downgraded the bank's long-term debt and deposit ratings to Ba1 from Baa3, and its short-term debt and deposit ratings to Not Prime from P-3. The outlook on the BFSR and the long-term ratings is now stable. Full Article
Peugeot SA and France’s National Adult Vocational Training Association (AFPA) Form Career Transition Partnership
Peugeot SA announced that it has formed a partnership with France’s National Adult Vocational Training Association (AFPA) in order to support the career transition program that will be introduced to facilitate the outplacement of employees concerned by the Group’s industrial restructuring plan. Full Article
Moody's Downgrades Peugeot SA's Rating to B1 with a Stable Outlook-Reuters
Reuters reported that Moody's has downgraded the credit rating of Peugeot SA (PSA Peugeot Citroen) from Ba3 to B1 with a stable outlook. Moody's said its decision was because of the Company's worse than expected financial performance in fiscal year 2012, especially in terms of the losses in the automobile division. Moody's also said that the decision reflected the fact that Peugeot SA has had negative cash flow in its industrial business and persistent problems restructuring its automobile division. Full Article
Peugeot SA's Banque PSA Finance Announces EUR 1.2 Billion Bond Issue with French State Guarantee
Peugeot SA announced that Banque PSA Finance has placed a EUR 1.2 billion bond issue, with a maturity of April 2016 and carrying a coupon of 0.625%. This bond was issued with the European Commission's temporary authorization to use the French State’s guarantee as security. Full Article
Peugeot SA Completes the Disposal of Its Stake in BNP Paribas for Around EUR 177 Million
Peugeot SA announced the success of the placement of its entire stake of 4,004,695 BNP Paribas shares (representing 0.32% of BNP Paribas' share capital), carried out through an accelerated bookbuilt private placement for a total amount of approximately EUR 177 million. Full Article
Peugeot workers end four-month strike over car plant closure
PARIS, May 17 - Workers at a PSA Peugeot Citroen factory near Paris have agreed to end a four-month strike in protest at its planned closure, the CGT union and the carmaker said on Friday.
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