Struggling French carmaker PSA Peugeot Citroen has sealed a long-awaited rescue deal that will see its founding family cede control of the company.
China's Dongfeng Motors and the French government will each invest about 800m euros (£660m) in return for 14% stakes.
Another 1.4bn euros will be raised from existing investors in Peugeot.
The deal is still subject to a shareholder vote but will provide much-needed cash to keep Peugeot afloat after government guarantees expire. Should the deal be approved, the Peugeot family's 25.4% stake will be diluted to 14%, matching that of the French government and the Chinese carmaker. Europe's second-largest carmaker also announced its latest financial results on Wednesday, warning that it may face losses until 2016.
Read more