Deals
Peugeot Plunges After Announcing $1.5 Billion Currency Hit
This article is for subscribers only.
PSA Peugeot Citroen fell 7.6 percent after saying 2013 profit will take a 1.1 billion-euro ($1.5 billion) hit from currency swings and savings from a General Motors Co. alliance will be less than planned.
The Peugeot-GM partnership’s annual cost reductions will only reach $1.2 billion in 2018, 40 percent less than originally announced and two years later than targeted, they said. GM said it was selling its entire 7 percent stake in Peugeot because it was no longer needed to underpin cooperation.