PSA Peugeot Citroen eyes Mitsubishi tie-up

French auto maker PSA Peugeot Citroen is considering a tie-up with Mitsubishi of Japan, the financial newspaper La Tribune reported yesterday, and the price of PSA shares jumped. The paper, citing no source, said that Peugeot head Philippe Varin was...

French auto maker PSA Peugeot Citroen is considering a tie-up with Mitsubishi of Japan, the financial newspaper La Tribune reported yesterday, and the price of PSA shares jumped.

The paper, citing no source, said that Peugeot head Philippe Varin was "actively considering an alliance with Mitsubishi".

The two groups have already joined forces to develop an electric vehicle and have a partnership in Russia. The paper described a Peugeot-Mitsubishi alliance as "technically and geographically ideal.

The price of shares in PSA Peugeot Citroen jumped by 6.57 per cent to €19.87. The overall market as measured by the CAC 40 index was showing a gain of 0.53 per cent.

Shares in rival French group Renault rose by 3.72 per cent to €29.87 and stock in French tyre maker Michelin by 3.89 per cent to €51.44.

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