French carmaker PSA announced the acquisition of General Motors' (GM) European subsidiary, which includes the Opel and Vauxhall brands, for 1.3 billion euros ($1.38 billion).
The new owner of Opel-Vauxhall says it won't begin involuntary layoffs at the loss making carmaker it bought from GM. The restructuring plan will see factories remain open and the brand expand to 20 new export markets.
The French company that owns Peugeot and Citroen has struck a deal to buy General Motors' (GM) European unit, including the Opel and Vauxhall brands. PSA is on its way to becoming Europe's second-largest carmaker.
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.
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.
© 2017 Deutsche Welle |
Legal notice |
| Mobile version