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EU says Peugeot stake sale to French state complies with rules
February 20, 2014 / 11:06 AM / 4 years ago

EU says Peugeot stake sale to French state complies with rules

BRUSSELS (Reuters) - European Union state aid chief Joaquin Almunia has told France that car maker PSA Peugeot Citroen’s (PEUP.PA) plan to sell a stake to French authorities complies with EU rules, a European Commission spokesman said on Thursday.

A flag with the company logo is seen outside a Peugeot automobile dealer in Paris December 13, 2013. REUTERS/Charles Platiau

Asked if Almunia had sent a letter to French Finance Minister Pierre Moscovici saying that the deal at first glance complies with EU laws, Almunia’s spokesman Antoine Colombani said: “Yes.”

Peugeot said on Wednesday that Dongfeng Motor Group (0489.HK) and the French state will each pay 800 million euros for 14 percent of the carmaker to match the founding Peugeot family’s reduced holding.

Reporting by Foo Yun Chee; editing by Adrian Croft

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