March 1, 2012 / 7:55 PM / 6 years ago

Peugeot family to hold 40 pct voting rights in GM deal-paper

PARIS, March 1 (Reuters) - The Peugeot family is to hold around 40 percent of voting rights and 25 percent of capital in PSA Peugeot Citroen as part of a new partnership with U.S. carmaker General Motors, Thierry Peugeot has told French newspaper Les Echos.

The Peugeot family does not wish to go below 33 percent of voting rights, Peugeot told the daily in an interview to be published on Friday. Peugeot is the chairman of PSA Peugeot Citroen’s supervisory board.

“The family wants to remain the shareholder of reference,” said Peugeot. “With the operation, our stake should be around 25 percent of equity and 40 percent voting rights. We would not wish to go below 33 percent of voting rights.”

GM is to take a 7 percent stake in Peugeot as part of the French carmaker’s planned 1 billion euros ($1.33 billion) capital increase. Peugeot told Les Echos that the agreement stipulates GM cannot go above this level throughout the duration of the 10-year partnership.

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