Report: Dongfeng Motor May Sell PSA Stake
Dongfeng Motor Group is pondering the sale of some or all of its €2.2 billion ($2.5 billion) stake in PSA Group, sources tells Bloomberg News.
The Chinese carmaker acquired its stake in PSA for about €800 million in 2014 as part of a bailout plan for the then-ailing French company. Now Dongfeng is exploring ways to help pay for the development of electric vehicles and autonomous driving systems.
Dongfeng has huddled with advisors about simply selling its shares or perhaps issuing bonds backed by PSA shares, according to Bloomberg’s sources. They says the company would coordinate any sale with the French company, with which it operates a joint venture in China.
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