Peugeot Finally Acquired Opel and VauxhallBusiness | August 2, 2017, Wednesday // 10:31| views
The French automaker Peugeot-Citroen completed the acquisition of the European assets of the US giant General Motors, including the German Opel and British Vauxhall, reported Associated Press.
A preliminary USD 2.5 billion deal was signed on March 6, 2017. A new management has been elected, which has 100 days to present a plan to rescue the business. Opel's goal is to return to profit in 2020, and by 2026 to achieved a 6% profit margin after years of loss. Automobile manufacturers are hoping to save 1.7 billion euros a year thanks to the acquisition. PES director Carlos Tavares stressed that "Opel will remain German and Vauxhall will be British." With the end of the deal, PeS became the No. 2 automaker in Europe, after Volkswagen, and now occupies a market share of 17 percent (on the continent) for the first half of the year.
We need your support so Novinite.com can keep delivering news and information about Bulgaria! Thank you!