Investors, too, initially seemed cheered by the plan, parts of which were leaked late Tuesday in the French press. Shares in PSA Peugeot Citroen surged when the market opened despite an announcement of less-than-stellar earnings. Renault, the other major French carmaker, was also up early in the day. It announces its earnings Friday.
But trading in both companies was extremely volatile as analysts tried to parse the deal. By the close, Peugeot had erased all of its gains and ended 2.5 percent down; Renault closed about even.
Associated Press writer Lori Hinnant contributed to this report.
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