Dongfeng to get 14% stake in Peugeot- China Business Network

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Dongfeng to get 14% stake in Peugeot

2014-02-20

Brief：Dongfeng Motor Group Co Ltd, one of China's largest automakers, and the French government will each invest 800 million euros ($1.098 billion) for a 14 percent stake in French carmaker PSA Peugeot Citroen

China's Dongfeng Motor Group Co said on Wednesday (Feb 19) it will invest 800 million euros ($1.1 billion) in French carmaker Peugeot SA via a share sale and rights issue while France's government does the same, confirming a Reuters report.

Peugeot, Dongfeng and the French government signed a non-binding outline agreement on the deal on Tuesday, two sources with knowledge of the matter told Reuters.

In a filing to the Hong Kong Stock Exchange, Dongfeng said it had entered into a non-binding accord with Peugeot to strengthen co-operation in technology, research and development, manufacturing and overseas distribution.

Trading in Dongfeng's shares, which was suspended on Tuesday, will resume on Wednesday.

Related Chinese news:http://cn.china-invests.net/20140220/32478.aspx

Reuters

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Tags：China invests overseas, invest France, invests auto industry, Europe

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