Just yesterday, General Motors announced plans to revise its deal with PSA Peugeot Citroen to divest of all shares of the French automaker while retaining two vehicle development programs. Today, GM has completed the sale of its 7 percent stake in PSA, earning back 250 million euros, or $343.35 million USD. GM originally purchased its stake in PSA for $335 million USD.
For the sake of legality, The General has noted that “the offer and sale of the PSA shares referred to in this announcement has not been, nor will be, registered under the United States Securities Act of 1933 (the “Securities Act”) and the PSA shares may not be offered or sold in the United States absent such registration or an applicable exemption from the registration requirements of the Securities Act. There will be no public offering of the securities in the United States in connection with this transaction.”
Just whose idea was it to buy into PSA in the first place?