AGL 38.15 Decreased By ▼ -1.43 (-3.61%)
AIRLINK 125.07 Decreased By ▼ -6.15 (-4.69%)
BOP 6.85 Increased By ▲ 0.04 (0.59%)
CNERGY 4.45 Decreased By ▼ -0.26 (-5.52%)
DCL 7.91 Decreased By ▼ -0.53 (-6.28%)
DFML 37.34 Decreased By ▼ -4.13 (-9.96%)
DGKC 77.77 Decreased By ▼ -4.32 (-5.26%)
FCCL 30.58 Decreased By ▼ -2.52 (-7.61%)
FFBL 68.86 Decreased By ▼ -4.01 (-5.5%)
FFL 11.86 Decreased By ▼ -0.40 (-3.26%)
HUBC 104.50 Decreased By ▼ -6.24 (-5.63%)
HUMNL 13.49 Decreased By ▼ -1.02 (-7.03%)
KEL 4.65 Decreased By ▼ -0.54 (-10.4%)
KOSM 7.17 Decreased By ▼ -0.44 (-5.78%)
MLCF 36.44 Decreased By ▼ -2.46 (-6.32%)
NBP 65.92 Increased By ▲ 1.91 (2.98%)
OGDC 179.53 Decreased By ▼ -13.29 (-6.89%)
PAEL 24.43 Decreased By ▼ -1.25 (-4.87%)
PIBTL 7.15 Decreased By ▼ -0.19 (-2.59%)
PPL 143.70 Decreased By ▼ -10.37 (-6.73%)
PRL 24.32 Decreased By ▼ -1.51 (-5.85%)
PTC 16.40 Decreased By ▼ -1.41 (-7.92%)
SEARL 78.57 Decreased By ▼ -3.73 (-4.53%)
TELE 7.22 Decreased By ▼ -0.54 (-6.96%)
TOMCL 31.97 Decreased By ▼ -1.49 (-4.45%)
TPLP 8.13 Decreased By ▼ -0.36 (-4.24%)
TREET 16.13 Decreased By ▼ -0.49 (-2.95%)
TRG 54.66 Decreased By ▼ -2.74 (-4.77%)
UNITY 27.50 Decreased By ▼ -0.01 (-0.04%)
WTL 1.29 Decreased By ▼ -0.08 (-5.84%)
BR100 10,116 Decreased By -388.7 (-3.7%)
BR30 29,567 Decreased By -1659.1 (-5.31%)
KSE100 94,574 Decreased By -3505.6 (-3.57%)
KSE30 29,445 Decreased By -1113.9 (-3.65%)

PSA Peugeot Citroen is interviewing candidates to replace Chief Executive Philippe Varin, after Chinese partner Dongfeng said a deeper alliance under negotiation should be accompanied by management change, sources with knowledge of the matter said. Varin himself is leading the hunt for a successor who has the calibre and experience to head a global carmaking alliance - qualities that Dongfeng has emphasised when discussing a capital tie-up and expanded industrial co-operation, according to the two sources.
After speaking at an industry conference in Berlin on Saturday Varin declined to comment on a report in Le Figaro that the troubled carmaker may hire former Renault chief operating officer Carlos Tavares as his new second-in-command. "I am sorry, I have a plane to catch," he told reporters.
Peugeot and Dongfeng are in talks to build on their existing Chinese joint venture with co-operation in other markets and a multi-billion-euro share issue that would see Dongfeng and the French government acquire stakes in the French carmaker, sources familiar with the matter have said. Peugeot, one of the carmakers worst-hit by Europe's six-year market slump, is cutting French jobs and plant capacity as it struggles to halt losses within two years.
Even then it will lack the financial clout and industrial scale to compete globally on its own. Varin has acknowledged that Peugeot will need new partners and fresh capital to support future vehicle and technology investments. Varin, 61, joined Peugeot from Anglo-Dutch steelmaker Corus in 2009 and has steered the company through the worst of the European crisis. But his support for a deeper tie-up with 7 percent shareholder General Motors or Dongfeng has led to bouts of tension with members of the founding Peugeot family, which would lose control of the company in the planned capital hike.

Copyright Reuters, 2013

Comments

Comments are closed.