November 5, 2012 / 11:52 AM / 5 years ago

Peugeot CEO says no further asset sales planned

PARIS (Reuters) - PSA Peugeot Citroen (PEUP.PA) Chief Executive Phillipe Varin said that the French carmaker did not plan further asset sales after that of its logistics unit Gefco.

Peugeot on Monday signed a deal to sell its 75 percent stake in Gefco to Russian Railways for 800 million euros (644.8 million pounds), which will see the state-owned railway monopoly pay a special dividend to Peugeot of 100 million euros.

    The deal, which is expected to close by year end, is part of Peugeot’s ongoing programme started last February to sell 1.5 billion euros of assets. The carmaker has been struggling with a sales decline in austerity-hit Europe.

    “It’s clear that we’ve had an asset sale programme in place since the beginning of the year, which has been executed on,” said Varin at a press conference.

    “We don’t intend to sell any more assets.”

    Reporting by Cyril Altmeyer; Editing by Christian Plumb

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