In what seemed like a bit of a mess from the start, General Motors has announced that it will sell its 7 percent stake (24,839,429 shares) in French automaker PSA Peugeot Citroen through a private placement to institutional investors.
“Our equity stake was planned to support PSA in their efforts to raise capital at the time of the creation of the GM and PSA alliance, and that support is no longer needed,” said GM Vice Chairman Steve Girsky. “The alliance remains strong with our focus on joint vehicle programs, cross manufacturing, purchasing, and logistics. We’re making good progress while remaining open to new opportunities.”
So, while GM will sell its shares, the development of planned future vehicles remains unchanged.