November 29, 2019 / 12:11 PM / 8 days ago

PSA says China's Baoneng potential buyer for its 50% Capsa stake

FILE PHOTO: A PSA Group logo is seen behind a car displayed during French carmaker's news conference as they announce the company's 2018 results at their headquarters in Rueil-Malmaison, near Paris, France, February 26, 2019. REUTERS/Christian Hartmann

PARIS (Reuters) - Chinese group Baoneng is on a list of possible buyers of French car maker PSA Group’s (PEUP.PA) 50% stake in Shenzhen-based Capsa, which builds cars under PSA’s premium DS brand, a PSA spokesman said on Friday.

PSA’s board will review the planned sale of Capsa on Dec. 6, sources familiar with the situation said.

On Thursday, PSA Group said it was preparing to sell its 50% stake in the eight-year-old Capsa joint venture with Chinese partner Chongqing Changan Automotive (000625.SZ), which has struggled with falling sales.

Reporting by Gilles Guillaume; writing by Geert De Clercq; editing by Jason Neely

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