Tata Motors denies report on alliance talks with Peugeot
BERLIN (Reuters) - Tata Motors Ltd(TAMO.NS) denied a report on Wednesday that the car maker is in talks to set up an alliance with French peer PSA Peugeot Citroen (PEUP.PA).
"That is absolutely incorrect," Tata spokesman Debasis Ray told Reuters.
Germany's Manager Magazin had reported earlier on Wednesday that Peugeot Chief Executive Philippe Varin is looking for an alternative should cooperation with General Motors (GM.N) and its European Opel division collapse, citing unnamed company sources.
"We are still not commenting on the countless rumours about the group," a Peugeot spokesman said.
GM and Peugeot have halted talks on a deeper tie-up amid misgivings about the French carmaker's worsening finances and government-backed bailout, Reuters reported on Tuesday, citing people familiar with the matter.
Peugeot shares rose as much as 3.3 percent on the Manager Magazin report, before giving up most of their gains after Tata's denial. The stock was trading at 4.47 euros as of 1109 GMT, little changed from Tuesday's close. (Reporting By Andreas Cremer; Additional Reporting By Laurence Frost in Paris and Henry Foy; Editing by Hans-Juergen Peters)
- Tweet this
- Share this
- Digg this
- China-Brazil satellite launch fails, likely fell back to Earth
- Disarray in Congress after poll drubbing
- Reliance Industries, Bharti sign telecom infrastructure deal
- Obama and Castro shake hands, Zuma humiliated at Mandela memorial
- UPDATE 3-U.S. regulators seek to curb Wall St trades with Volcker rule
Disarray within the Congress burst into the open on Tuesday after its stunning defeat in state elections, with a senior figure saying the party would lose a general election and needed time in opposition to reinvent itself. Article