Peugeot Finally Acquired Opel and Vauxhall

Business | August 2, 2017, Wednesday // 10:31|  views

Source: Twitter

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.

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Tags: acquisition, Peugeot, Opel, Vauxhall


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