Word: peugeots
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Dates: during 1970-1979
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Chrysler will collect $230 million in immediate cash, and $200 million in Peugeot stock that it could put up as collateral to get loans. Also, Peugeot will assume responsibility for $400 million owed to creditors by Chrysler's European units. Dumping that debt should improve Chrysler's credit rating, and thus its ability to borrow...
Last week Chrysler announced that it would sell its automotive subsidiaries in Britain, France and Spain to France's Peugeot-Citroën for $430 million in cash and Peugeot stock. If the deal is approved by the European governments involved-indeed, Britain may torpedo it -Peugeot would become the biggest auto manufacturer in Europe and fourth largest in the world, with sales right behind those of Chrysler itself. Chrysler would get out of the European market completely, except for its 15% share in Peugeot, thus shedding 70% of its foreign production and about a fourth of its worldwide...
...sale to Peugeot will do nothing to reduce this year's losses-a fact that Wall Street was quick to appreciate. Although Chrysler's stock jumped after the announcement, it quickly fell back, closing the week at 12.5. But experts applauded the decision. Said Arvid Jouppi, a top Detroit analyst: "Chrysler's strategy is to become strong domestically and abandon the world market. I would rather have 15% of a strong company like Peugeot than overseas assets that were too heavy to bear...
...putting together two weaknesses make a strength? Profit-pinched American Motors Corp. has been openly looking for a foreign carmaker with which to form some kind of partnership. Last week AMC revealed the company that it is focusing on-not, as rumored, Peugeot, but the French government-owned Renault-and the terms of a "proposed affiliation" that left a great deal for AMC stockholders to desire...
...most effective campaigner for the center-right coalition is Jacques Chirac, 45, the Gaullist leader and Paris mayor. Bouncing out of a Strasbourg hotel at 10 a.m. last week, he shouted to his aides, "Mount your horses!", climbed into a steel-gray Peugeot and led a 15-car caravan on the last leg of what has been a six-month, 30,000-mile-long barnstorming-style campaign all around France. Arriving at 10:30 in the town of Neudorf, he started pumping hands right away and was soon off on a day-long dash that took him to 15 campaign...