PSA likely to sell Faurecia holdings to finance Opel Vauxhall buy; size of stake in question – report
French carmaker Groupe PSA [EPA: UG] is likely to sell either its entire 47% stake or a smaller holding in Faurecia [EPA: EO], the France-based automotive equipment specialist, according to a report published by French daily Les Echos that cited unidentified insider sources at PSA.
The sources reportedly said that Carlos Tavares, Chairman of PSA's management board, intends to fund the potential acquisition of Opel Vauxhall with proceeds from a Faurecia transaction.
PSA has initiated discussions with Opel Vauxhall owner, Michigan-based carmaker General Motors [NYSE: GM].
Faurecia has a market cap of close to EUR 6bn, the report noted.
The original article appeared in print; Page 16
--> See attached note from BofAml on Faurecia & potential M&A note form yesterday.