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Monday 18 December 2017

Groupe PSA finalises Opel and Vauxhall takeover

psa-gm-logo-keyThe sale of Opel and Vauxhall by General Motors to Groupe PSA (Citroën, DS Automobiles and Peugeot) has been finalised and marks the start of a new era for the German and British brands following 88 years under the wings of the American vehicle giant. The acquisition of GM Financial's European operations is under way, subject to validation by the different regulatory authorities and is planned for the second half of 2017.

The addition of Opel and Vauxhall to its portfolio means that Groupe PSA becomes the second largest European car manufacturer, taking a market share of 17 per cent in the first half of 2017. The Volkswagen Group holds the number one spot thanks to encompassing the Audi, Bentley, Bugatti, Lamborghini, MAN, SEAT, Skoda, VW and VW Commercial Vehicle marques.

“We are embarking with Opel and Vauxhall on a new stage in Groupe PSA's development,” said Carlos Tavares, chairman of the managing board of Groupe PSA. “This project became a reality within a few months only, thanks to the outstanding work of the teams and I want to thank them warmly. We will grasp this opportunity to build on one another's strengths and to attract new customers, thanks to the implementation of the performance plan that Opel and Vauxhall will implement.

“In parallel, the execution of the Push to Pass plan remains a top priority for the teams; they are focused on achieving the objectives. We have confidence in the momentum that these strategies will create, to the benefit of all stakeholders.”

Commenting on the deal, Opel Automobile GmbH CEO Michael Lohscheller said: “It is a historic day. We are proud to join Groupe PSA and are now opening a new chapter in our history after 88 years with General Motors. We will continue our path of making technology `made in Germany´ available to everyone. The combination of our strengths will enable us to turn Opel and Vauxhall into a profitable and self-funded business. We have set ourselves the clear target of returning to profitability by 2020.”

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