Changes in the equity interests held by Renault and PSA Peugeot Citroën
Under the terms of the plan presented, PSA Peugeot Citroën could take full ownership of FM while Renault could acquire a 100% stake in STA.
FM is a subsidiary in which PSA Peugeot Citroën and Renault currently both hold a 50% stake. In practice, 85% of the site's activity concerns PSA and 15% Renault.
STA is a subsidiary that is 80% owned by Renault and 20% by PSA Peugeot Citroën. Renault accounts for 60% of STA's turnover at present.
PSA Peugeot Citroën and Renault have both expressed a wish to acquire full independence in the management of these sites and to take responsibility for the strategic future of an exclusively owned subsidiary.
This change in the ownership structure of the two companies will have no impact on the workforce, activities or running of the two sites. The plan will be presented in the near future to the Board of Directors of FM and STA for a definitive agreement within the next few months.
For Frédéric Przybylski, Director of Française de Mécanique: "this agreement underscores the importance of Française de Mécanique in PSA Peugeot Citroën's international production base. More than 80% of FM's output is for Peugeot and Citroën, and by acquiring full ownership, the Group is putting the best conditions in place for the success of its future projects, and in particular the recently announced DV-R engine".
Javier Bernaldez, Director of STA, said: "The activity of Société de Transmissions Automatiques is essential to the international development of Renault. It was therefore only logical for the Renault group to seek to acquire a 100% interest in this subsidiary in order to take full strategic control. In practice, nothing will change for either the workforce or our activities". ■