Peugeot founding family willing to hand over control to GM
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Peugeot founding family willing to hand over control to GM

Peugeot founding family willing to hand over control to GM

The founding family of France's PSA Peugeot Citroen has offered to give up control of the troubled French automaker as it tries to revive plans for a closer tie-up with General Motors backed by a fresh capital injection, Reuters has reported, citing unnamed sources. The Peugeot clan, one of Europe's three surviving car dynasties, turned with beleaguered chief executive Philippe Varin to 7% shareholder GM after inconclusively sounding out other potential investors including Chinese partner Dongfeng, they said. "GM faces the same overcapacity situation with Opel, and that's why PSA is trying to convince them to merge the two," said one of the people. "The Peugeot family has now accepted that they'll lose control, so this is no longer an issue."

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