General Motors Co., the world’s largest automaker, has agreed to pay about 320 million euros ($423 million) to acquire 7 percent of PSA Peugeot Citroen.
The agreement also calls for at least four products to be manufactured within four years or planned for production within the following 18 months. GM Monday revealed terms of the deal, which was announced last week, in a filing with the U.S. Securities and Exchange Commission.
The initial terms of the purchasing and product-development alliance are for 10 years with automatic renewal periods of three years, GM said. The Detroit-based automaker will become the second-largest shareholder of the Paris-based company after the Peugeot family.
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