By on July 20, 2012

PSA Peugeot Citroen’s Chairman Thierry Peugeot lashed out against what he calls “evil attacks” by the new leftist French government and its industry minister Arnaud Montebourg. He also raised a specter that makes any patriotic politician sit up and listen: Hostile takeovers.

“There were words that don’t like, and they have been repeated: “lie” and “concealment”. We are ready to accept criticism, but there are limits,” Peugeot said in an interview with France’s conservative Le Figaro.

In the last few days,  the PSA stock lost as much as 18 percent, and Peugeot blames “ the attacks which had an immediate effect on their perception of the group.”  Market capitalization of Europe’s second-largest carmaker is down to a mere €2.3 billion, which is “in no relationship to the true equity of the company,” as Peugeot said.

Asked whether he feared a hostile takeover attempt, Peugeot answered: “Everything is possible, we have to act.” Moments later, he praised the alliance with PSA’s new 7 percent partner GM: “Real potential, real synergies, an excellent choice.” Montebourg has strongly criticized the deal with GM.

Nothing makes a French politician’s heart pound faster than the thought of the French crown jewels in American hands.

 

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13 Comments on “PSA Chairman Calls Industry Minister “Evil,” Warns Against Takeover...”


  • avatar
    Pastor Glenn

    Msr. Peugeot should take a lesson from these ex-”partners” of the corporate serial rapist and continually partner-abusive General Motors;

    Isuzu

    Suzuki

    Toyota (NUMMI)

    Saab

    Not forgetting that the General also is a neglectful parent to the point of death (for the child):

    Saturn

    Delphi

    GMAC

    Workforce, both white collar and blue

    Why Peugeot would be so foolish as to tie up with this company is beyond me.

    I’m sure I’m not the only person who sees this type of all too human behavior in GM. Goodness knows I see it often enough in real human beings to recognize it.

    Pastor Glenn

    • 0 avatar
      dejal1

      Don’t forget Lotus which GM had a 91% for about 7 years and they hooked up with Subaru.

      Also works the other way, Fiat got 2 billion so GM wouldn’t be forced to buy Fiat.

      The sad thing is, is I believe GM actually means well.

      Diamler Benz is the company of blood sucking vampire low lifes. That goes for the people who buy their cars.

    • 0 avatar
      schmitt trigger

      Only Toyota had the technical capability and economic strength to walk away from the “partnership” unscathed.

      • 0 avatar
        JCraig

        That’s because GM was badging Toyotas and not the other way around. Can you imagine where Toyota would be now if NUMMI was instead badging GM vehicles as mid and full size Toyotas??

        If instead of selling us the reputation securing Camry, Toyota had instead rebadged Corsicas as the ‘American’ Camry? If the Previa was abandonded and they started rebadging GM dustbuster vans?? The new 4Runner a grill swapped Blazer!!?!?!?!

        AAAAHHHHH!

      • 0 avatar
        JCraig

        That’s because GM was rebadging Toyotas at NUMMI and not the other way around. Imagine if that partnership was instead created to rebadge GM vehicles as mid and full size Toyotas.

        If the US got a rebadged Corsica instead of the now legendary Camry. A gussied up Lumina instead of the Avalon.

        Imagine the ‘new’ 4-Runner nothing more than a grill swapped Blazer. Toyota giving up on the minivan after the Previa and rebadging GM dustbuster vans…

    • 0 avatar
      Robert.Walter

      Your list of not forgetting forgot Hummer, Olds and Pontiac.

    • 0 avatar
      gromit

      You would think Peugeot would know to be scared having acquired the remains of Simca and Rootes in the 1970s after they were used and abused by Chrysler.

  • avatar
    TonyJZX

    problem is… no one honestly cares too much for Peugeot Citroen

    no cares for cars made in France

    the only bright light is the cheap PSA cars coming out of the 3rd world which may appeal to the West and the BRICs…

    Renault got lucky with their tie-up with Nissan but PSA? Sad to see them whither but they are up there with Saab

  • avatar
    Robert.Walter

    Wonder if:
    - GM will gobble cheap psa shares
    - pull the plug on Opel
    - let Opel go bk
    - pull the ip from Opel so they can’t be revived like Saab.
    - put the capital and ip into psa and move forward.

  • avatar
    Pan

    I wonder if Mr. Peugeot ever heard the statement attributed to, I think, the Minister of Industry in the British Labour Gov’t years ago : “The purpose of British Leyland is to provide jobs, not build cars”.
    We all know, now, how many cars and/or jobs are being provided by British Leyland.
    Socialist economics has an Alice in Wonderland quality to it. But, then, our Capitalist Bankers seem to have the odour of Mafia emaniting from them.
    If it’s any comfort to Mr. Peugeot, the CITROEN DS 21 was the most wonderful car that I have ever driven.

  • avatar

    Again, what is so great about French cars? Why people buy them? How can you select french car over Opel, Ford and VW/Skoda? AFAIK they last for about 100K km and then you to think about replacing them. They may have fine suspension and better handling than Asian cars but Opel/Fords/VW are better.


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