Mike Stevens | Jun 4, 2009

EUROPE'S SECOND-LARGEST car manufacturer, PSA Peugeot Citroen, is open to forging a deal with another carmaker, but only on the condition that the Peugeot family retains majority control of the company.

Chairman Thierry Peugeot, a sixth-generation descendant of one of Peugeot’s founding brothers, told French newspaper Les Echos that Peugeot would consider all options for an alliance or share partnership.

Under former Chief Executive Christian Streiff, Peugeot’s previous strategy for continued profitability revolved around cost-cutting. However, with the recent dismissal of Streiff, it appears the French carmaker has had a change of course.

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The Peugeot family owns nearly 21 percent of PSA Peugeot Citroen, and according to Streiff while he was in office, the family is determined to ensure that the carmaker remains among the leaders in the industry.

Fiat stands out as a potential partner for Peugeot, with the two companies already in a long-term partnership on the design and manufacturer of light commercial vehicles.

[via Forbes]

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