May 21, 2014 / 5:20 PM / in 4 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.

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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