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.
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.
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.
Barack Obama is Ready to Return to Politics
In that respect, what Obama has planned to do so quickly after office is all but unprecedented for a recently removed president. Recent past presidents have dabbled in politics after leaving office, such as President George W.
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:
-
Murray too strong for Verdasco
The odds looked stacked in Murray's favour heading into the contest, with the Brit winning 12 of their 13 previous meetings. ANDY MURRAY had an easier day at the office as he cruised into the final of the Dubai Championship.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.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. -
Oil Slips as US Stockpiles Set Record Despite OPEC Cuts
Still, oil remained locked within a tight trading range as strict Opec compliance with output cuts offset rising USA oil reserves. Kuwait pledged to cut production by 131,000 bpd from a baseline of 2.838 million bpd.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".Firms Want to Build Border Wall
There are now 354 miles of pedestrian fencing and 300 miles of vehicle barriers, much of it built during President George W. The good news? Because there is heightened interest, the wall will likely be built for less than originally estimated. -
Atlético Madrid striker Fernando Torres 'conscious and stable' after suffering head injury
He wrote: "Many thanks to all for worrying about me and your messages of encouragement". "He is stable and conscious", the club tweeted .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.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. -
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
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.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.