PARIS -- PSA Peugeot Citroen said on Friday it had no plans for its stake in French car parts firm Faurecia, dampening ongoing sale speculation that has lifted Faurecia stock.
"PSA Peugeot Citroen confirms that there are no plans underway concerning either Faurecia's capital or the group's interest in this company," PSA said in a statement.
The recent rally in share price was partly triggered by comments from PSA Chairman Jean-Martin Folz, who told shareholders last week a rise in turnover at Faurecia in 2003 would have a positive effect on its operating profit.
Folz also confirmed PSA eventually aimed to cut its 71.5 percent stake in Faurecia to 51 percent, helping to spark rumours the carmaker would pull out of Faurecia.
Folz has said several times the group would consider cutting its holdings in Faurecia to 51 percent when market conditions were right, but would retain a controlling stake.