Home Business NewsBusiness Peugeot and Citroen owner agrees £1.9bn deal with GM to buy Vauxhall-Opel

Peugeot and Citroen owner agrees £1.9bn deal with GM to buy Vauxhall-Opel

by LLB Reporter
6th Mar 17 7:49 am

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.”

 

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