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French carmaker Peugeot to seek European company legal status

French carmaker Peugeot to seek European company legal status
FILE PHOTO: The logo of Peugeot carmaker is seen on a vehicle in Cairo, Egypt, May 19, 2019. Picture taken May 19, 2019. REUTERS/Mohamed Abd El Ghany -
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MOHAMED ABD EL GHANY(Reuters)
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PARIS (Reuters) – French carmaker Peugeot <PEUP.PA> said it would be looking to take up the formal legal status of being a European company, which it said would better reflect the business and the integration of the Opel/Vauxhall businesses.

“This business structure, used by a growing number of companies in Europe, is recognised in all member states of the European Union. It would reflect Groupe PSA’s European scope, following the successful integration of Opel/Vauxhall,” Peugeot said in a statement.

“The company’s transformation would result in a change in its legal form without reducing the current rights of shareholders or other stakeholders, and without impacting the location of the company’s head office or its centralised management in France,” added Peugeot.

(Reporting by Sudip Kar-Gupta; Editing by Mathieu Rosemain)

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