Peugeot Worst Casualty of Europe Crisis With Shares Fading: Cars
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PSA Peugeot Citroen’s sliding share price has left the French carmaker trading at a record discount to Volkswagen AG on investor expectations it will be the worst automotive casualty of the region’s sovereign debt crisis.
Paris-based Peugeot has declined 41 percent this year, the steepest drop among European automakers, expanding the gap to Volkswagen’s shares to 91 euros from a 10-year average of 16 euros. Its 3.8 billion-euro ($5.2 billion) market value is less than one-tenth of 2010 annual revenue of 56 billion euros.