PSA pays GM 2.2 billion Euro for Opel
PSA Group has agreed to buy Opel from General Motors in a deal valuing the business at 2.2 billion Euro, creating a new regional car giant to challenge market leader Volkswagen, Reuters news reads. 2017-03-06 10:28:53
The maker of Peugeot and Citroen cars vowed to return Opel and its British Vauxhall brand to profit, with an operating margin of two percent within three years and six percent by 2026 underpinned by with 1.7 billion Euro in joint cost savings.
"We are confident that the Opel-Vauxhall turnaround will significantly accelerate with our support," PSA Chief Executive Carlos Tavares said in a statement issued by the two carmakers on Monday.
By acquiring Opel, the French group leapfrogs rival Renault to become Europe′s second-ranked carmaker by sales, with a 16 percent market share to VW′s 24 percent. Last year, PSA and GM Europe recorded 72 billion Euro in revenue and 4.3 million vehicle deliveries between them. GM will receive 1.32 billion Euro for the Opel manufacturing business - 650 million Euro in cash and 670 million in PSA share warrants.
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