PSA Peugeot Citroen completed the sale of 289 million new shares as part of a 3 billion-euro ($4.1 billion) capital increase to help Europe’s second-biggest carmaker finance a product revamp and push abroad.
PSA Peugeot Citroen, Europe’s second- largest carmaker, named the first woman to lead its 95-year-old Citroen brand, moving toward a more diverse top management as the manufacturer expands outside its home region.
PSA Peugeot Citroen chose Louis Gallois as the first-ever chairman from outside its founding family as the carmaker seeks to tap the former Airbus Group NV head’s experience with turning around large French companies.
PSA Peugeot Citroen, Europe’s second-biggest carmaker, said it’s offering stock to investors at 6.77 euros a share after selling stakes to Chinese partner Dongfeng Motor Corp. and the French state to fund a turnaround.
PSA Peugeot Citroen has narrowed the search for a new supervisory board chairman to ex-Airbus Group NV Chief Executive Officer Louis Gallois and former Nexans SA CEO Gerard Hauser, a person familiar with the matter said.
European stocks posted their biggest weekly gain since St. Valentine’s Day as concern dissipated that the Ukraine crisis would lead to wide-ranging disruption to trade after a speech from Vladimir Putin.
PSA Peugeot Citroen appointed Louis Gallois, former head of planemaker Airbus’s owner, as France’s board representative at Europe’s second-biggest carmaker following the government’s move to help the company’s bank unit.
When French President Francois Hollande unveiled a plan in November for a business tax credit and higher sales taxes as a way to revive the economy, he was implementing an idea championed by economist Gita Gopinath.
European Aeronautic Defence & Space Co. named Tom Enders chief executive officer from June 2012 to succeed Louis Gallois as part of a management reshuffle aimed to maintain a balance between French and German shareholders.