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Peugeot SA and Renault SA to End Production Alliance in France-Reuters

Wednesday, 20 Nov 2013 07:00pm EST 

Reuters reported that Peugeot SA and Renault SA are to end cross-shareholdings in two French plants that made up their last production alliance in the country. Peugeot SA will buy back the 50% stake Renault currently holds in its Douvrin engine plant in northern France, while Renault SA will buy back the 20% stake PSA holds in its nearby Ruitz site, which makes gearboxes. Both carmakers would then fully own each site, respectively. The deal was reported earlier on November 20, 2013 by Bloomberg News. It is due to be officially unveiled on November 26, 2013. Financial terms were not disclosed, and both companies said the move would not have an impact on the roughly 3,000 jobs at the Douvrin site nor on the 600 at Ruitz.