PSA Buys Opel From GM, Will Announce Deal On Monday, Says Report
06 March, 2017, 00:51 | Author: Elaine Woods
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.
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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".
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