PSA Reaches Deal to Purchase Opel, Report Says
You might know that General Motors' sole active brands in the European Union are Opel and Vauxhall, and the French conglomerate could end up becoming the continent's second-biggest automaker if the deal to buy them gets approved.
The deal "will be sealed on Monday morning in France and in Germany", the source said, adding that both sides "were very enthusiastic and satisfied".
The first models jointly developed under their five year-old partnership will be on display at the Geneva show, which opens to the press on Tuesday.
PSA Chief Executive Carlos Tavares said a full acquisition of Opel offered an "opportunity to create a European auto champion" and quickly exceed 5 million annual vehicle sales.
Opel has a new owner.
The French group also expects savings of up to 2 billion euros ($2.1 billion) from the tie-up.
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Stock for GM was trading at around $38.18 a share today following the report from Reuters, which accounted for an increase of 1%. GM had expressed concerns about PSA using Opel to compete against its Chevrolet brand in China.
PSA likely used a non-compete clause to help convince GM to pay more into the pension.
Carlos Tavares on February 23. GM, on the other hand, is happy to see Opel go after losing the company money for the last 16 consecutive years.
Detroit-based GM has been pressing for a deal barring those legacy Opel models from markets including China, Russia and Latin America, sources have said.
Automotive News is reporting that the PSA Group board has just voted in favour of the deal that's been struck and a confirmation of the agreement would be made on Monday.
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Mar 03 2017