On this day in auto history – June 24th

Thu 24th Jun 2021

It was on this day in 1974 that inspired intervention from the French government helped instigate negotiations which would eventually culminate in Peugeot taking over Citroen.

Fearing huge job losses as fallen giant Citroen teetered on the brink of bankruptcy, the French government helped broker talks between Citroen’s major shareholder, the tyre giants Michelin, and Peugeot who would initially acquire a 38.2 stake.

By April 1976, Peugeot had increased its stake to 90%, thus creating the new Peugeot Citroen Group (PSA Group) which proved an immediate financial success.

Over the ensuing decades, the PSA Group has consolidated its position as Europe’s second largest automaker, regularly selling more than 3 million units worldwide and has total assets of more than €57 billion.