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General Motors Completes Sale Of PSA Peugeot Citroen Shares Valued At 250 Million Euros

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?

Former staff.

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Comments

  1. “Just whose idea was it to buy into PSA in the first place?”

    The idiot on the left in the picture above…that’s who. If it wasn’t his in conception, he okayed it making him responsible. I’m a happy man, now that he is departing GM. Christmas, for me, will be January 15, 2014! Good-bye Lieutenant Dan! So long Lackerson!

    Reply
  2. Profit? wow. Sounds like a decent initial investment that went well. But I am glad they sold now. GM can use the money to bolster their cash holdings. They are going to even have a larger bankroll once they sell their Ally holdings.

    Well at least it shows again how much some people really know about Ackerson.

    Let the cars, cash holdings, and stock price do the talking. I am sure they will soon be announcing the dividends.

    GM sure is on a huge roll.

    Reply
  3. Per an article GM made $150 million on the PSA stock deal.

    They bought it for $400 million less than two years ago.

    Jee, I wish I made that kind of money in my investments.

    “The actual net gain to GM will be about $150 million and will be recorded as a special item in the company’s fourth-quarter earnings, GM spokesman Dave Roman said Friday. The Detroit automaker acquired the stake as part of its alliance with the French car-maker announced in late February 2012. It sold more than 24.8 million shares. GM bought its stake in Peugeot for about $400 million. In the fourth quarter 2012, “

    Reply

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