PSA Buys Opel From GM, Will Announce Deal On Monday, Says Report

06 March, 2017, 00:51 | Author: Elaine Woods
  • Opel-PSA deal entering finishing straight

The French automaker is quite close to completing a deal with Detroit-based auto maker GM on Monday, March 6.

France's PSA Group will become the second largest automaker in Europe, knocking Renault down to third place, after striking an agreement with the USA carmaker General Motors to acquire its beleaguered European marque Opel and United Kingdom subsidiary Vauxhall.

The planned takeover of the Opel division by PSA, which owns the Peugeot and Citroen brands, was unveiled in the middle of February.

Reports suggest that business secretary, Greg Clark, has held phone conversations and face-to-face talks with both GM and PSA Group executives in recent weeks and prime minister, Theresa May, has also raised the matter with the French prime mister and PSA Group chief, Carlos Tavares. However, much of the existing Opel lineup would remain dependent for years on technology and parts shared with other GM brands. The two companies thought this partnership could eventually reduce costs by $2 billion per year, but the two automakers quickly chose to reduce their initial target of 40 shared projects and ended up settling on just three.

2016 was Opel's 16th consecutive year of losses, so it will be interesting to see what will happen to the Rüsselsheim-based marque in the years to come under PSA's umbrella. The French automobile manufacturer also expects to save at least $2.1 billion from this deal.

New Mexico health agency: Flu activity widespread in state
Signs to watch for include fever, cough, sore throat, runny or stuffy nose, body aches, headaches, chills and fatigue. The county says while children under six months old can not get a flu shot, there are other ways to protect them.

Ex-Egypt president acquitted of killing demonstrators
The judgment, which followed a day-long hearing, could see the former ruler walk free, Reuters reported. He waved at supporters among the journalists and others in the courtroom, who included his son Alaa.

Rachel Dolezal Has Rebranded Herself With A Totally Inappropriate New Name
I mean, I guess you could be searching for them, but something tells me someone in her inner circle snitched on her. You'd think her struggles would be enough to give her pause about continuing her claim that she is black.

United Kingdom business minister, Greg Clark, said that his meeting with Tavares was constructive and reassuring.

Tavares has turned PSA's performance around since taking the helm, partially through a programme of aggressive cost-cutting, culling jobs in a successful bid to boost profitability.

Sales volume is critical in Europe's largely saturated mass-market segment, and adding GM's roughly 1.2 million in annual deliveries in the region would help PSA spread the cost of developing new cars and engines across a larger number of vehicles.

"From my initial conversations I think it is understood that Vauxhall's plants are very efficient".

PSA also plans to revamp Opel's model range.

Recommended:

  • Pristine Power & Performance! The Bentley Bentayga Mulliner

    Pristine Power & Performance! The Bentley Bentayga Mulliner

    Seven suggested colour ways are offered by the manufacturer, which complement the optional duo tone exterior paintwork. The upholstery is stitched by hand and is finished with unique embroidery and contrast stitching.

    Kite Pharma's Shares Soared Today Thanks to Its Revolutionary Blood Cancer Drug

    Citigroup Inc. now has $87.00 target price on the biopharmaceutical company's stock, up from their prior target price of $62.00. Victory Capital Management Inc. bought a new position in shares of Kite Pharma during the third quarter worth about $25,579,000.
    Celebrate Seuss, celebrate reading

    Celebrate Seuss, celebrate reading

    Junior Hunter Hargrove, who read "A Mother for Choco", said he felt there was another message hidden in their visit, too. Alyssa Longobardi played the exasperated fish to Katrina Eagan and Payton McKillips' Thing 1 and Thing 2.
  • Wish I had little bit of Logan's healing powers: Hugh Jackman

    Wish I had little bit of Logan's healing powers: Hugh Jackman

    But even critics would agree that "Logan" is a dramatic movie, as it has shown more depth for the iconic character. Mangold approaches the story as a western, directly quoting Shane and referencing The Shootist here and there.
    Black BMW Tupac Was Shot Being Auctioned Off For Millions

    Black BMW Tupac Was Shot Being Auctioned Off For Millions

    Moments In Time as well had the bullet-dented pendant worn by Tupac during the infamous 1994 shooting in New York City. During his short spell in the limelight, Tupac was one of the most popular rap artists in the world.

    Best Buy Shares Drop After Sales, Outlook Miss The Mark

    Best Buy's same-store sales declined 0.7% for the period ended January 28, which included the critical holiday shopping season. Domestic online comparable sales increased 17.5%, due to increased traffic and higher conversion rates.
  • New US soccer policy requires players to stand during national anthems

    New US soccer policy requires players to stand during national anthems

    The change comes after Megan Rapinoe kneeled before a US women's senior team friendly against Thailand in September. She also protested with her club team, the Seattle Reign, several times in the fall.
    FCC sets aside new Net data privacy rule

    FCC sets aside new Net data privacy rule

    The FCC's sole Democratic Commissioner (out of three), Mignon Clyburn, voted unsuccessfully to uphold the privacy rules. The stay will remain in place until the Commission decides on alternative action.

    Cleveland Browns reportedly considering Mitch Trubisky 1st overall

    Finding a quarterback has been a decades-old failed mission for the Browns. Cleveland has many needs, none bigger than quarterback. I think it worked well for New England.
  • British PM appeals for United Kingdom  stability amid Brexit preparations

    British PM appeals for United Kingdom stability amid Brexit preparations

    May declined to give a yes or no answer when asked if she would grant Sturgeon a second independence referendum. In return the United Kingdom government has so far been one of obstinacy and intransigence.
    Lorde reveals new single name and surprises Kiwi fans

    Lorde reveals new single name and surprises Kiwi fans

    Speaking of the song, the singer told ZM's Fletch, Vaughan and Megan : "It's totally a song about heartbreak". Let it all the way out, girl; we're ready for it - and need to hear it just as badly.
    Goodbye Tidal: Spotify May Be Entering the Hi-Fi Music Business

    Goodbye Tidal: Spotify May Be Entering the Hi-Fi Music Business

    A small group of users have seen offers advertising Spotify Hi-Fi for $5, $7.50, or $10 above the $9.99 cost of Spotify Premium. Spotify Premium now offers lossy files up to 320 kpbs which, for many, is quite enough.


Popular

Las Vegas close to getting second NASCAR Cup race
And we can safely guess that Texas and Bristol aren't going to swap dates with Las Vegas if the track is to get a second Cup date. With a helping hand from lapped cars, the pole-winner was able to hold off fellow Cup driver Brad Keselowski by 0.606 seconds.

This is the fastest sprint in NFL Combine history
In addition to being able to blow by virtually anyone, Ross is also a complete route-runner with unbelievable footwork. Ross chose to skip a second run in the 40 and sat out the remainder of the wide-receivers workout on Saturday.

Is The Fed Considering A Rate Hike In March?
The Nasdaq Composite Index rose 9.53 points, or 0.2%, to 5,870.75, ending the week 0.4% higher. By June, an 84 per cent chance of at least one hike has now been priced in.

Lawmakers Hunt Around the Capitol for Obamacare Repeal Bill
Their goal: embarrass Republican leaders who have vowed to make the overhaul transparent and are struggling to solidify support. "Rep.

After bomb threats, Albany JCC gets visit from Cuomo
Cuomo says state police have been organized and given additional resources to investigate these types of activities. The Jewish Federation says the act must be treated as a crime motivated by anti-Semitism.

The Legend of Zelda
Players can bake fruit with torches, roll boulders downhill to crush enemies, or toss foes' projectiles right back at them. But if you already have a Wii U and only want to play Breath of the Wild then go for the Wii U version.

Series of USA airstrikes in central Yemen
The White House has pushed back against criticism of the raid, the first of its kind authorized by Trump as commander in chief. The strikes targeted al-Qaeda positions, weapons systems and equipment in a remote and mountainous area in central Yemen.

Facebook Launches Ad-Free Video App for Apple TV
Facebook is trying to change that however with the Facebook Video app since Facebook wants to become the leader in online videos. Each row displays tiles that represent separate videos, and when you stop on a particular tile it will auto-play with sound.

Alex Burmistrov leaves game on stretcher after crushing check by Colin Miller
Officials apparently disagreed, so it will be interesting to see how the league's Department of Safety responds to the incident. The aftermath caused the injury, and the injury caused the game misconduct.

Matchroom adds JD ahead of Haye-Bellew contest
Haye laughs at the suggestion of any serious history and Bellew insists that he got the better of an ancient sparring session. Haye believes his fight with Bellew is nothing short of a mis-match. "But I do hope Bellew can make a fight of it".