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GM Takes 7% Stake in Peugeot.

Peugeot already looking to expand GM alliance.

by on Mar.28, 2012

GM CEO Dan Akerson and PSA Peugeot Citroen CEO Phillippe Varin.

General Motors now holds a 7% stake of French automaker PSA Peugeot Citroen, the first critical step in an alliance announced a month ago – and one that the French automaker is already signaling it would like to expand.

GM’s acquisition was linked to a new Peugeot stock offering that the Paris-based maker intended to raise 1 billion Euros ($1.32 billion) in much-needed capital.  In fact, demand for the share issue by Europe’s second-largest automaker ran about 78% above the original target, at 1.78 billion Euros.

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GM now becomes the second-largest shareholder in PSA Peugeot Citroen after the founding Peugeot family.  Represented by several key executives, including chairman Phillippe Varin, the family itself holds a 25% stake – but has 38% of the corporate voting rights.