As white knights go, this one is pretty off-colour.
Last week France’s PSA Peugeot Citroën confirmed that Chinese carmaker Dongfeng and the French government would buy 14 per cent stakes in the company for €7.50 a share, a 40 per cent discount to their market value. The deal – which also involves a €1.4bn rights issue – will result in a €3bn capital injection into Peugeot.
The deal is constructed in such a way that the French government can avoid being hauled over the coals by European Union regulators. Because it is investing on the same terms and at the same time as a private investor, its €800m injection into Peugeot avoids contravening rules restricting state aid to companies.
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