PSA Kicked Off CAC 40 Index
September 6th, 2012 2:29 PM
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Bad day for PSA and by association partner GM: PSA Peugeot Citroen will be dropped from France’s CAC 40 blue chip stock index, market operator NYSE Euronext told Reuters. To add insult to injury, the former blue chip will be replaced by a Belgian company, chemicals group Solvay.
The Peugeot share lost about three quarters of its value over the past 18 months. If you were so inclined, you could buy a piece of PSA for 6 euros today, down from around 21 euros when GM bought seven percent of PSA.
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For some reason I picture Slim Pickens riding the nuclear bomb in Dr. Strangelove. So, does the government still have a hardon for Peugeot? You have to stay on those 1%ers.
GM really knows how to pick a winner, don't they?
Don't worry GM has a plan...... Give PSA 2 billion like Fiat to go away and then in a few years time sell up to them.