France’s economic redevelopment minister, Arnaud Montebourg, is describing the involvement of Paris in the potential PSA Peugeot Citroen capital increase as an act of “industrial patriotism.”
In comments confirmed to just-auto this morning by Montebourg’s office in Paris, the minister underlined the French state’s commitment to the automaker that could see around EUR3.1bn (US$4.1bn) injected into the automaker in tandem with Chinese partner, Dongfeng Motor.
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Both French finance minister, Pierre Moscovici and Montebourg confirmed the involvement by Paris in the deal that could also see “alternative capital increase scenarios” evaluated, according to PSA.
“The state is committed to the completion of a project, which ensures the sustainability and development of the group and maintains its presence in France,” said a statement from Montebourg’s office.
“The state is ready to accompany the operation along with industrial partner, Dongfeng, at the same level and and in the same conditions.
“Pierre Moscovici and Arnaud Montebourg hope the current discussions, subject to conclusion, can lead rapidly to a satisfactory agreement.”
Montebourg has long taken a keen interest in France’s automotive sector – for example in the Goodyear Amiens Nord situation.
