27.05.16 France considers flogging Peugeot

Posted on May 27, 2016
Archive : May 2016
Category : News

You can almost smell the tyres burning on the Champs Elysées as the French people get wind that their stake in the Peugeot car company is going to be sold to help fund a nuclear power station that nobody wants in a country that nobody likes. EDF and the French Government must be pretty desperate if they're prepared to take on the EDF and Peugeot unions as well as the French people to raise a paltry €3 Billion, which is likely to only just cover the latest increase in costs, for Hinkley Point. This will be on top of the €5 Billion promised to Areva, the French nuclear reactor maker, which is also short of a euro or two. The Chinese Government has agreed to fund half of the Hinkley Point costs and through Chinese carmaker Dongfeng they also already own about 14% of Peugeot. So, you don't have to be le rocket scientist to know that, going forward, this doesn't look particularly good for Hinkley.

Source: The FT and Utility Week