Today’s big deal
The owner of car giants Peugeot and Citroen has shook hands on a £1.9bn deal to buy General Motors’ European unit, including Vauxhall.
PSA will now become Europe’s second largest carmaker, behind Volkswagen.
PSA Group and GM announced the transaction in a joint statement in Paris this morning.
The combined firm generated €71.bn of revenue and delivered 4.3m vehicles last year.
PSA’s chairman, Carlos Tavares, said: “We are proud to join forces with Opel/Vauxhall and are deeply committed to continuing to develop this great company and accelerating its turnaround.
“We respect all that Opel/Vauxhall’s talented people have achieved as well as the company’s fine brands and strong heritage. We intend to manage PSA and Opel/Vauxhall capitalizing on their respective brand identities. Having already created together winning products for the European market, we know that Opel/Vauxhall is the right partner.
“We see this as a natural extension of our relationship and are eager to take it to the next level.”“We are confident that the Opel/Vauxhall turnaround will significantly accelerate with our support, while respecting the commitments made by GM to the Opel/Vauxhall employees.”
Leave a Commment