PSA Peugeot Citroen has completed the sale of 289 million new shares as part of its EUR3bn re-capitalisation and recovery plan.

PSA said the second part of its share issue was oversubscribed, as total demand reached 145% of the stakes on purchase.

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PSA is now controlled by three main stakeholders: the Peugeot founding family, which reduced its stake to 14%, to match the ones purchased by China’s Dongfeng and the French State.

The successful second share issue completed the EUR3bn fund needed for the recovery strategy devised by new CEO Carlos Tavares and dubbed “Back in the Race”.

The plan is based on cutting back the product portfolio and stepping up expansion in Asia. Financial aims of the plan include achieving a 2% operating margin in the operating division by 2018 (with a target of 5% during the next medium-term plan covering 2019-2023).

See also: FRANCE: PSA to slash model range as part of new business plan

COMMENT: PSA Peugeot Citroën’s Tavares plots tricky turnaround

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