Mitsubishi chief: not talking numbers with Peugeot

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Mitsubishi chief: not talking numbers with Peugeot

Posted on Friday, December 4th, 2009 at 2:12 PM EST. (Employee News)

The head of Mitsubishi Motors Corp. said the Japanese automaker was not discussing any numbers regarding a possible acquisition of a stake by PSA Peugeot Citroen, a day after the partners said they were exploring deeper ties, Reuters reported.

“We’re not talking numbers, including percentages (of a potential stake),” a Mitsubishi Motors spokesman quoted President Osamu Masuko as telling a small group of reporters upon his return on Friday to Japan from the Los Angeles auto show. France’s Peugeot, Europe’s second-biggest automaker, and Mitsubishi Motors said on Thursday they were in talks to strengthen an existing relationship, with the Japanese automaker saying a capital alliance was one option, the news service said.

A Mitsubishi group source with direct knowledge of the discussions told Reuters, however, that talks had just begun, and that there was as yet no letter of intent (LOI) between the two carmakers. If Peugeot were to take over the Mitsubishi group’s preferred shares in Mitsubishi Motors, the investment would amount to around 200 billion to 300 billion yen, the source told the news service. (Reuters)