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

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.”