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Peugeot and Citroen owner buys Vauxhall-Opel for €2.2bn

PSA becomes Europe’s second largest carmaker, behind Volkswagen, with a combined €71.bn in revenue

paul_cocks
Paul Cocks
6 March 2017, 9:42am
The combined group sold 4.3 million vehicles last year
The combined group sold 4.3 million vehicles last year
The owner of car giants Peugeot and Citroen has shook hands on a €2.19 billion deal to buy General Motors’ European unit, including Vauxhall and Opel.

PSA will now become Europe’s second largest carmaker, behind Volkswagen.

PSA Group and GM announced the transaction in a joint statement in Paris Monday morning.

The combined firm generated €71.bn of revenue and delivered 4.3 million vehicles last year.

PSA’s chairman, Carlos Tavares, said the group was proud to join forces with Opel/Vauxhall and was deeply committed to continuing to develop the 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 and we intend to manage PSA and Opel/Vauxhall capitalising on their respective brand identities,” he said. “Having already created together winning products for the European market, we know that Opel/Vauxhall is the right partner.”

Tavares said PSA saw the buyout as a natural extension of its operations and was 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,” he said.

paul_cocks
Paul Cocks joined MaltaToday after having spent years working in newspapers with The Times...
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