The board of PSA Peugeot Citroën has given the stamp of approval for a €3bn capital increase that will see both the French state and Chinese automaker Dongfeng take large stakes in the struggling group.
The deal, to be announced today alongside Peugeot’s annual results, will involve Dongfeng and the French government each injecting €800m in return for 14 per cent stakes in the carmaker.
Peugeot is also set to announce a deal to sell part of its financing arm, currently reliant on €7bn in French state guarantees, to Santander – all in an effort to leave incoming chief executive Carlos Tavares a clean slate when he takes over later in the year.
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