Corus chief executive, Philippe Varin, said Corus had to adapt "to the changing environment with maximum speed".

BBC: Appeal by union over Corus cuts

"The results of the cost reduction and asset disposal plans have exceeded our targets, " said chief executive Philippe Varin, claiming that, "the foundations for our rebound have been laid".

BBC: Peugeot Citroen reports record annual loss

The Financial Times report also said that Peugeot's chief executive, Philippe Varin, visited GM's headquarters in Detroit in January for a dinner of industry chief executives on the sidelines of the city's motor show.

BBC: Peugeot shares jump 12% on alliance talks