Workers at Germany's Opel plants worried about the company's possible takeover by French carmaker PSA. Opel's US parent General Motors is ready to sell.
The French carmaker has completed its takeover of GM's European subsidiaries ahead of time, naming a new management to chart an attempted turnaround for the two struggling brands.
Karl-Thomas Neumann, CEO of General Motors' European subsidiary, Opel, is stepping down. But he will stay on the board until Opel's takeover by French rival PSA is completed.
The EU competition authority has agreed to Peugeot PSA's takeover of Germany's Opel, creating Europe's second-largest carmaker after Volkswagen. In March, PSA agreed to buy Opel from General Motors for 2.2 billion euros.
Meeting German government officials and labor unions, Peugeot SA CEO Carlos Tavares has pledged to uphold a job guarantee for Opel and Vauxhall workers in the wake of PSA's takeover of the struggling carmaker.
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