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General Motors sells stake in PSA Peugeot Citroen

10:27 AM, Dec 12, 2013   |    comments
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DETROIT (AP) - General Motors Co. is unloading its stake in French automaker PSA Peugeot Citroen.

The Detroit company said Thursday that it has sold its 7 percent stake of 24.8 million shares to institutional investors.

GM didn't disclose the sale price. It bought the stake in March 2012 for $402 million when it announced a car-building alliance with PSA.

GM says in a statement that the alliance will continue. The company says it invested in PSA to support efforts to raise capital, but the support is no longer needed.

PSA has struggled financially as European auto sales have slumped. Earlier this year the company announced plans to shut factories and shed up to 8,000 jobs.

(Copyright 2013 The Associated Press. All rights reserved.)

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