General Motors is to sell its entire 7% stake in PSA Peugeot Citroen (PSA) through a private placement to institutional investors.
GM acquired the stake in PSA when it entered into its strategic alliance in March, 2012.
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“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 programmes, cross manufacturing, purchasing and logistics. We’re making good progress while remaining open to new opportunities.”
There has been intense speculation PSA could unveil a deeper involvement with Chinese partner, Dongfeng, that some have said could raise up to US$4bn in tandem with the French government.
Further details are expected later today (13 December).
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