An industry analyst has written an open letter to PSA/Peugeot-Citroen Chairman Thierry Peugeot urging him to scrap a planned capital tie-up with China’s Dongfeng Motor and raise capital in other ways.”We see a risk of a Pyrrhic victory,” Max Warburton, an analyst with Bernstein Research, writes. “The Dongfeng deal will close out strategic options,” and the involvement of the French government and the state-backed Chinese automaker “is hardly likely to lead to improved efficiency, competitiveness and growth,” the letter says.