PSA acquisition of Vauxhall/Opel given green light
EU antitrust authorities have approved the proposed acquisition of GM’s Opel/Vauxhall automotive business by PSA Group.
The acquisition – which will create the second largest automotive company in Europe behind Volkswagen – also includes the acquisition of GM Financial’s European operations by BNP Paribas and Groupe PSA, which is still subject to the EU antitrust authorities’ review, with a decision expected in the second half of this year.
Last month saw the announcement that Vauxhall/Opel CEO, Dr Karl-Thomas Neumann, has stepped down from his position and will leave the company once its sale to PSA Group has completed.
Patrice Lucas, manager of programs and group strategy, said: “Today, we have taken a substantial step. The teams are now focused on the achievement of all other conditions necessary for the closing, planned for later this year.”
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