Report: PSA Peugeot Citroen willing to give control to GM

by SpeedLux

The founding family of PSA Peugeot Citroen is reportedly offering to give General Motors control of the company in return for a substantial investment by them.

Little else is known as of now but there are speculations that the latest round of negotiations appear to involve a wide-ranging joint venture that would put General Motors in charge of a new business entity that controls Opel, Vauxhall, Peugeot and Citroën. The talks started late last year but broke down shortly thereafter. However, now the sources have told Reuters that the Peugeot family has accepted that they will lose control, so this is no longer an issue.

In return for a substantial investment, GM wants free rein over the proposed joint venture. This would enable the company to reduce overcapacity by eliminating jobs and closing factories but it would not be a cakewalk as they would face strong opposition from politicians and labor unions.

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