Peugeot's losses fall as China's Dongfeng, France mount rescue

|About: Peugeot S.A. (PEUGF)|By:, SA News Editor

Peugeot Citroën's (PEUGF) net losses narrowed to €2.32B in 2013 from €5.01B in 2012, when the ailing French car maker took €3B in charges for asset impairments.

Peugeot's recurring operating loss fell to €177M from €560M, while revenue slipped 2.4% to €54.09B. (PR)

Peugeot's results come after it announced a €3B capital raising in which China's Dongfeng Motor Group (DNFGF) and the French state will invest €800M each and receive a 14% stake in Peugeot. The latter will also issue warrants to its existing stockholders.

The Peugeot family will lose control of the 204-year-old company for the first time, with its holding dropping to 14% also from 25.4%.