Tata Motors denies report on alliance talks with Peugeot

BERLIN Wed Nov 14, 2012 5:47pm IST

1 of 2. Men walk inside a Tata Motors showroom on the outskirts of Agartala, capital of Tripura, November 7, 2012.

Credit: Reuters/Jayanta Dey

Related Topics

Stocks

   

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)

FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

REUTERS SHOWCASE

Rising Inflation

Rising Inflation

Food prices push inflation up, limit RBI's room to act.  Full Article 

New Direction

New Direction

New CEO Nadella pushes data culture at Microsoft.  Full Article 

Infosys Results

Infosys Results

Infosys says staff exodus a worry after Q4 profits beat estimates  Full Article 

Deal Talk

Deal Talk

Diageo in $1.9 billion bid to raise stake in United Spirits.  Full Article 

Reuters Poll

Reuters Poll

Domestic fund managers start to bet on own economy  Full Article 

S&P on India

S&P on India

India's policy reforms to affect sovereign ratings - S&P.  Full Article 

Toyota's Performance

Toyota's Performance

After two bumper years, Toyota braces for shift to slower growth.  Full Article 

Third Gender

Third Gender

Supreme Court recognises transgenders as third gender in landmark ruling.  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device.  Full Coverage