Lower Saxony Opposes French Aid for Peugeot Finance Arm
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The German state of Lower Saxony, Volkswagen AG’s second-largest shareholder, opposes French government aid for PSA Peugeot Citroen’s ailing financing arm and indicated Germany would ask for a European Commision review.
“VW and Lower Saxony see these state loans very critically because they won’t help solve the problems that certain European states have with their automotive industry,” David McAllister, Lower Saxony’s prime minister and a VW supervisory board member, said in an interview with Bloomberg TV in Berlin late yesterday.