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The French government officially sought approval from the EU Commission on Monday for the rescue plan for PSA Peugeot Citroen's (PEUP.

PA) financing arm, French daily Les Echos reported on Wednesday.

EU Competition Commissioner Joaquin Almunia said last month the Banque PSA debt rescue had initially been portrayed as financing help for the lending operation that would not require state aid approval from Brussels.

But he said the Commission had come to view the 7-billion-euro ($9.2 billion) state loan guarantee as restructuring aid and decided to ask the French authorities to seek approval.




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GM And Partner PSA To Become Bailout Buddies If EU Approves French Rescue

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