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

  • 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%.
Comments (1)
  • See what happens when CEOs all over the world conspire to increase profits by freezing the wages of every worker? In the short term, they book a profit. In the long run, they risk bankruptcy. I don't pity any corporation that is forced to shut down since they were the ones who brought this onto themselves. People are not being paid enough. Therefore, people don't spend. Now deal with it and take your losses, you greedy CEOs. They're well deserved. Enjoy the pain.
    19 Feb, 06:25 AM Reply Like
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