PSA Group acquisition of Opel Vauxhall completed
PSA Group’s acquisition of Opel Vauxhall from GM has been completed, four months after it was first signed.
As a result of the deal, PSA Group has become the second largest European car manufacturer with a 17% market share in the first half of the year.
The €2.2bn (£1.97bn) acquisition was approved by European Union anti-trust authorities last month. The Opel Vauxhall teams will begin developing a strategic plan with PSA Group’s support to be presented in 100 days.
The €900m offer for the European arm of GM Financial is yet to be approved, and is expected to be completed in the second half of this year.
Carlos Tavares, chairman of the managing board of PSA Group, said the acquisition marked a new stage in the group’s development.
He said: “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.”