PSA Chairman Calls Industry Minister "Evil," Warns Against Takeover
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.
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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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
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.
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.
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.