French auto group PSA, the owner of the Peugeot, Citroen and DS brands, has posted solid full-year profits for 2016. The carmaker is finalizing talks on the planned takeover of General Motor's European division (Opel, Vauxhall).
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 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.
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