The Peugeot family is on war footing with the French government. It “hit back at suggestions by a government official that its members have favored their own financial interests over the development of the family-controlled auto maker,” says the Wall Street Journal. Basically, the family followed the line of argument suggested by TTAC.
After French industry minister Arnaud Montebourg accused the family of collecting dividends while PSA was in trouble, the family said “Quels dividendes, Monsieur?”
Not too surprisingly, the family argues that no dividend was approved in three of the past four years. It also added that the €78 million ($96 million) dividend it received for the 2010 financial year was less than the family’s contribution to this year’s capital increase.
The industry minister is not amused. Said Montebourg:
“We have a real problem with Peugeot’s strategy, the alliance with GM, and the behavior of its shareholder.”
The only real problem the French Government has is 50 years of post WWII socialism. One wonders if the mediocre quality of French cars, and their lack if international acceptance (outside Europe), is directly related to being hamstrung by that government?
make that 67 years of not only rampant socialism but overt acceptance of communism as a political force. the problem with the Fronch is not that they cannot make good cars, like Delahaye, Panhard, etc, they could, the problem is their attitude that the world owes them something for their “avant garde culture of the 17th and 18th Century.
they are like a bunch of spoiled kids who think they deserve better, but are unwilling to work for it, ergo six weeks vacation a year plus innumerable holidays.
Fact-free, politically biased comments already! Woooo!
Fact free? Do you know what’s happening across the pond?
http://www.zerohedge.com/contributed/2012-15-12/grimy-dipstick-france%E2%80%99s-gritty-economic-realty
http://www.zerohedge.com/news/france-gives-fairness-doctrine-details-will-tax-millionaires-75
http://www.bbc.co.uk/news/business-16552623
http://www.telegraph.co.uk/finance/financialcrisis/9314666/French-president-Francois-Hollande-cuts-retirement-age.html
http://www.euronews.com/2012/03/20/france-s-economic-crisis/
French have long decided that they prefer to live in socially conscious country rather than in jungle like US.
And they could afford to be social for many years because they produced wide range of the very best products money can buy, from food to textiles, machinery sporting goods. Whatever is made in France is usually top quality with a price to match. Admittedly cars are a significant exception to this.