France to bailout Peugeot Citroën with deal to reduce job cuts

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The French government plans a 7 billion-euro credit for PSA Peugeot Citroën, conditional to increased state board represention and fewer job losses.

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The French government is preparing to announce that it will provide PSA Peugeot Citroën with credit guarantees worth as much as €7 billion in exchange for sparing some of the 8,000 jobs it was planning to cut, a person with direct knowledge of the matter said Tuesday, reports The New York Times.