Peugeot Plunges After GM Sells Entire 7% Holding
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PSA Peugeot Citroen plunged 12 percent after General Motors Co. sold its entire Peugeot stake amid the struggling French carmaker’s efforts to seek financial help from its Chinese partner.
GM purchased the 7 percent holding just last year as part of an alliance the two formed to improve the results of both companies. The partnership since then has struggled to meet the original goals, with Peugeot saying yesterday that savings from the cooperation will be 40 percent less than originally planned.