PSA Peugeot Citroen’s move to name former Renault SA operations chief Carlos Tavares as its future chief executive officer stands to help secure an alliance with Dongfeng Motor Corp., which may be the carmaker’s last chance to end its reliance on Europe’s slumping car market.
Oil fell and the yen weakened against the dollar while energy-company shares led the Standard & Poor’s 500 Index lower after Iran and world powers reached an initial deal on limits to the nation’s nuclear program.
PSA Peugeot Citroen hired former Renault SA executive Carlos Tavares to lead the French manufacturer out of a six-year slump in European demand that has sapped the finances of the region’s second-biggest carmaker.
PSA Peugeot Citroen led a drop in high-yield corporate bond risk in Europe to the lowest in six years after Iran agreed to limit its nuclear program in exchange for an easing of international trade sanctions.
PSA Peugeot Citroen, Europe’s second-biggest carmaker, reached a deal with labor leaders to reduce fixed costs at French factories, a key step as it looks for new partners to expand and shore up its finances.
PSA Peugeot Citroen can now focus on a possible share sale to Dongfeng Motor Corp. and the French state after reaching a deal with unions to slash operating costs, two people familiar with the matter said.