PSA acquisition of Vauxhall/Opel given green light

By / 11 months ago / News / No Comments

EU antitrust authorities have approved the proposed acquisition of GM’s Opel/Vauxhall automotive business by PSA Group.

vauxhall

EU antitrust authorities have approved PSA’s buyout of Vauxhall/Opel.

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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Natalie Middleton

Natalie has worked as a fleet journalist for 16 years, previously as assistant editor on the former Company Car magazine before joining Fleet World in 2006. Prior to this, she worked on a range of B2B titles, including Insurance Age and Insurance Day. As Business Editor, Natalie ensures the group websites and newsletters are updated with the latest news.