How the Peugeot family lost control of its car business
Earlier this week the French state and Chinese car maker Dongfeng agreed to take major stakes in the French car manufacturer PSA Peugeot Citroën. It marks the end of an era; from now on the Peugeot family are no longer the dominant voice in a company they have run since the days of the first steam-powered cars at the end of the 19th century. For many observers it was the inevitable outcome for a family that was torn in different directions and for a car manufacturer that had been left trailing in the slipstream of its main rivals. Martine Orange reports on how one of France's best-known families lost control of its own company.
RightRight to the bitter end, Thierry Peugeot, chairman of the board at the French car manufacturer that bears his name, wanted the family to keep control of the company. Right to the end, opposed by the government, directors and even his own cousins, he wanted to stay in charge. But in the end, he lost. Earlier this week the board at PSA Peugeot Citroën formally approved the end of the Peugeot's family control over the company, and accepted an injection of 3 billion euro in cash from its new investors.
