Peugeot shares surge after alliance disclosure
PARIS - Shares in PSA Peugeot Citroen, Europe's second-biggest car manufacturer, surged after it said it was in talks with unnamed parties over possible industrial tie-ups.
The company's disclosure came amid speculation that it is in discussions with U.S. car maker General Motors Co. over a partnership.
Europe's number two car maker after Germany's Volkswagen AG said that "in the framework of its strategy of globalization and performance improvement, PSA Peugeot Citroen is examining co-operation and alliances."
The statement late Tuesday says "talks are underway" and that there is no certainty that they will result in a deal.
Shares in the company were up 9 per cent in early Wednesday trading at €15.69.
La Tribune newspaper reported that Peugeot and GM were in talks about an alliance, citing an unnamed "unofficial source."