The french government instead PSA Peugeot Citrven supervised
In exchange for a guarantee of refinancing the banking subsidiary of PSA Peugeot Citrven, the French government has obtained certain counterparties group. Among them, the nomination "in close connection with the state" of an independent director, director and member of the referent strategic advice, which will aim to play a particular role in the supervisory board. PSA Peugeot Citroen has confirmed on Wednesday that the state guarantee future emissions of its banking subsidiary, Banque PSA Finance, "up to a total of seven billion euros" over the period 2013-2015.
In a statement, Pierre Moscovici and Arnaud Montebourg, respectively Minister of Economy and Productive Recovery, noted that "in this context PSA accepts several significant counterparties." Earlier Wednesday morning, Prime Minister Jean-Marc Ayrault was firm on this point shows preventing on France Inter that his government did not "have any intention of giving, give gifts like that without commitment, without consideration. " The granting of the guarantee "will be submitted to the vote of Parliament within the next Finance Act amendment and presented to the European Commission," the ministry of Economy.
Appointment of an independent administrator
In their joint statement, the two ministers Bercy list counterparties granted by the automaker. These include the establishment of a committee to monitor the security consisting of representatives of the State, the management of PSA and an independent administrator. This committee will be responsible for follow "the evolution of the situation of PSA and its banking subsidiary and its prospects of evolution. Including The committee will give its consent to any operation affecting the control or the perimeter of the group," said Bercy. The statement also announced that PSA has accepted the renewal of its Supervisory Board during its next general meeting, and, without waiting for maturity, will be called "in close connection with the state," an independent director, administrator referent and member of the Strategic Board, which will aim to play a particular role in the supervisory board. In addition, a representative of employees shall be appointed as administrator to the supervisory board.
PSA Peugeot Citrven also announced, as was reclame Jean-Marc Ayrault, have decided, during the period of the guarantee of the State, not to proceed to distributions of dividends or share buybacks and not not assign to members of the Management Board or options to purchase shares or bonus shares.
Reunion socially Thursday
In addition to state support for its banking subsidiary, whose mission is to support individuals who want to buy cars from group, PSA seeks its banking pool "to make available the liquidity of $ 11.5 billion, one billion of additional liquidity. " These measures, and the guarantee of the State, will strengthen the capacity of funding after the bank lowered its rating by the rating agencies.
"These decisions are an important progression to a reinforced governance and social dialogue. They are also the expression of a renewed dialogue between the PSA and the state, to ensure the future of the company and its salaries ", welcome MM. Moscovici and Montebourg. These ads intervene on the eve of the tripartite meeting organized between the management of PSA, the government and unions. This meeting will include reformatting the social plan that provides for in France nearly 8000 job cuts and the closure of Aulnay-sous-Bois plant in the Paris region.
The alliance with GM INTO BEING
In addition, PSA and General Motors unveiled Wednesday schedule formalized their alliance on February 29 last. Both groups aim to untap synergies U.S. $ 2 billion on an annual basis, within five years. They pass through the establishment of a common central purchasing. His creation is subject to the approval of the competent authorities of the competition, stipulate the American and French. First Commons cars General Motors and PSA are under development, have indicated communicates by the two groups. There are two minivans, a car has low CO2 emission and a family-type vehicle market in the Opel / Vauxhall, Peugeot and Citroen brands. "The first vehicles from these joint programs will be marketed by the end of 2016," state PSA and General Motors.
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