The Peugeot family will still be influential in PSA/Peugeot-Citroen even after its stake in the French carmaker has dropped to 14 percent from 25.5 percent, according to Robert Peugeot, head of the FFP family holding company. The family’s stake in PSA dropped to 14 percent as part of a EUR3 billion capital increase scheme that also saw Dongfeng Motors and the French state each taking equal holdings in the French carmaker.
Robert noted to Les Echos that the family has three representatives on the board, with him chairing the strategic committee. He remarked to the French business daily Les Echos that the family would not, at any time, withdraw from the carmaker.
He remarked that the Chinese group won’t be able to take control of PSA since any of the three shareholders cannot raise their holdings without the nod of the other two. He also dismissed speculations that the family’s hold on PSA has become fragile after the disclosure that family member Frederic Banzet will be replaced as head of the Citroen brand on June 1, by Linda Jackson.
Robert Peugeot remarked that they don’t have “a tradition of patronage” at Peugeot. He quipped that while General Motors had been PSA's preferred partner, executives at the US carmaker were so “afraid” of the situation in France and in Europe that they chose to limit the alliance to just three European projects.
He added that PSA has already dismissed deeper ties with BMW and Mitsubishi. He added that that a closer link with BMW “would not be a wedding but a surrender" since the German carmaker is 10 times more financially capable than PSA, noting that the two company had few common needs. [source: automotive news - sub. required]