PSA Peugeot Citroen’s founding family has offered to give up control of the French automaker to General Motors trying to revive their company.
The Peugeot family, which founded the company in 1810 as a coffee mill manufacturer, holds a 25.4 percent stake that commands 38.1 percent of voting rights in a group that is now struggling to keep the company operating.
GM has already said it isn’t going to spend at least not without assurances that it will be allowed to shutter factories and lay off workers in France and Germany.
GM CEO Dan Akerson has previously said “We don’t have any intention of investing additional funds into PSA at this time. If we see something changes, we’ll evaluate that.”