Tuesday, October 1, 2013

Peugeot partner possible China does not provide GM

Peugeot partner possible China does not provide GM
NEW YORK, Sept 27 Reuters)-General Motors co, which always struggling, believes his ailing Europe fix that a key partnership in France would survive, even if the French do together ties with China's Dongfeng motor group co. Ltd, a top GM Manager said on Friday.

In June reported the Reuters news agency, that the founding family of PSA Peugeot Citroen had offered, control over the automaker give up, as it tries to revive plans for a closer connection with GM backed by fresh capital injection.

"We are not PSA only partner... I think that it would complicate our situation, just as it would difficult for some of their other partners," GM Vice Chairman Steve Girsky told Reuters in an interview in New York, referring to a possible partnership between Peugeot and dongfeng.

He acknowledged, that the such a link on GM Alliance with Peugeot would depend the impact of Dongfeng on how much influence had. He said that another factor would be whether all vehicles in such a partnership in China would be sold where is GM joint venture partner SAIC Motor Corp.

Peugeot had also talks fruitless over the sale of a stake to a consortium of Dongfeng listed sources said in June.

GM has so far refused to invest more money in Peugeot, an attitude, on Friday confirmed the Girsky. GM is Peugeot's second-largest shareholder behind the Peugeot family.

He said "We our 7 percent first and foremost not bought, because we wanted to influence in PSA, but because we wanted to help them at the time with their capital procurements".

Girsky said Peugeot has not raised the issue with GM and he refused to say whether the U.S. automakers would be willing, have diluted its stake in the PSA.

"We have had no discussions. "We don't know what to do, and if they decide what they are doing, they pick up the phone and call us."


Fixing by GM is the priority and the Alliance with Peugeot to help, said Girsky. GM and PSA still work together, to build two minivan-like vehicles on the same vehicle platforms from 2016, but largely for the European markets are also discussed other unidentified products, he said.

GM money losing European unity since a major focus for investors the automaker in the fall of 2010 for a bankruptcy reorganization and a $49.5 billion U.S. bailout stock market went. In November 2011, accused Chief Dan Akerson Girsky overhaul of Europe, the 13 years have suffered losses.

Girsky said the European car market, the 20-year earlier this year has depression, bottoming, but GM is a huge industry volume restore not expected in the next year or two.

GM fighting costs from its Opel in Europe and the commitment received that, to launch new models will give out business $5.2 billion by end 2016. Now needs to focus on GM what the brand stronger and Girsky was Opel said market on pace for the first time in 15 years to not lose share in the region.

Girsky said talks with the union representing workers at the Bochum, Germany, plant scheduled to close by the end of 2014, were ongoing but to say if she would wrap up or what the cost for GM would be rejected. The Detroit company issued to close a plant in Antwerp, which employs 2,600 people $527 million in the year 2010. The Bochum plant has 3,300 employees.

Girsky, the United Auto Workers Union in talks with Chrysler CEO Sergio Marchionne 2009 fall insolvency while the company, said he was a "fascinated viewers", that just talks between the head of Chrysler and the UAW retiree health trust, a large share of who owns U.S. carmaker.

Chrysler, 58.5 percent owned by Italy's Fiat SpA, filed paperwork late on Monday in a step in the direction of the initial public offering of the shares owned by the UAW, which owns the rest of Chrysler by the trust.

Marchionne runs with the IPO of the Union called on both sides not much buyout in more than a year talks agree.

The UAW wants more than 5 billion $ for their share higher than what offered Marchionne. Chrysler IPO filing contained a warning from Fiat that the Italian carmaker can reconsider the benefits of deeper ties with Chrysler.

"I think that she'll reach an acceptable compromise," said Girsky of the talks. "This is the sort of thing that really not even until the end, resolve, because both sides have somehow push interest to see the others how far they can go."

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