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.”For more of the latest industry news, click here.