GM gets about $343 million for PSA stake

DETROIT (AP) — General Motors Co. got about $343 million for its 7 percent stake in French automaker PSA Peugeot Citroen.

The Detroit company on Friday said that it completed the private placement sale of 24.8 million PSA shares for 250 million euros. GM bought the PSA stake in March 2012 for $402 million when the companies announced a car-building and purchasing alliance. That means the company will lose about $59 million on the deal.

GM said earlier that the alliance with PSA will continue and will focus on jointly developing vehicles, joint manufacturing, purchasing and logistics.

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