GM Good News: No More Investments Into PSA
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.
Bertel Schmitt comes back to journalism after taking a 35 year break in advertising and marketing. He ran and owned advertising agencies in Duesseldorf, Germany, and New York City. Volkswagen A.G. was Bertel's most important corporate account. Schmitt's advertising and marketing career touched many corners of the industry with a special focus on automotive products and services. Since 2004, he lives in Japan and China with his wife <a href="http://www.tomokoandbertel.com"> Tomoko </a>. Bertel Schmitt is a founding board member of the <a href="http://www.offshoresuperseries.com"> Offshore Super Series </a>, an American offshore powerboat racing organization. He is co-owner of the racing team Typhoon.
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it was a reward for boycotting Iran anyway. the tribute is satisfied and we got out for cheaper than the Fiat Fiasco.
I've never understood GM's lack of commitment to projects. Not that PSA was a good idea in the first place.
It's not about GM's lack of commitment to projects. It's about keeping the idiots supposedly in charge from making such stupid deals in the 1st place. How would you like to be the underling who tells Lt. Dan that investing in PSA is a bad idea? I'm sure more than a few GM lawyers and senior VPs privately screamed and ranted when they learned of the Fiat deal. But when the CEO walked down the hall, they probably all said, "Way to Go, Ricker!"