We can’t help it that there is so much crummy news about GM, but here is something decidedly positive: GM “has no plans to make additional investments in its French partner PSA Peugeot Citroen SA which is subject to the depressed European automobile market,” Dow Jones Newswire says via NASDAQ. The wire heard it from Dan Akerson himself, so it must be true.
A year ago, in an alliance of the walking wounded, GM bought 7 percent of limping PSA. Since then, GM had to write down a good deal of that so-called investment.
PSA faces a European Union investigation triggered by the French government providing financial support for Peugeot’s financing arm.
The probe could derail a loan-guarantee package agreed to by France in October.