Peugeot Finishes Share Sale to Raise Funds for Turnaround
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PSA Peugeot Citroen completed the sale of 289 million new shares as part of a 3 billion-euro ($4.1 billion) capital increase to help Europe’s second-biggest carmaker finance a product revamp and push abroad.
Investors bought 1.95 billion euros of stock in the rights offering, Paris-based Peugeot said in a statement late yesterday. Chinese partner Dongfeng Motor Corp. and the French government each acquired shares in the sale to reach targeted stakes of 14.1 percent apiece. Demand exceeded supply by 45 percent, the company said.