This March, along the unveiling of dozens of new cars in Geneva Motor Show, we also witnessed the historic acquisition of Opel by PSA Group. Now, almost five months since then, Groupe PSA announces the closing of the acquisition of GM subsidiaries Opel and Vauxhall.
With Opel and Vauxhall, Groupe PSA becomes the second largest European car manufacturer, with a market share of 17% in the first half. Building on this transaction and now with five complementary, well-positioned car brands, Groupe PSA will strengthen its presence in the major European markets.
From today, Opel and Vauxhall are committed to building a strategic plan with Groupe PSA’s support, aimed at re-establishing economic fundamentals. The Opel and Vauxhall teams will present this plan in 100 days and will ensure its execution, boosted by synergies generated by the new Group, estimated to circa 1.7 billion euros per year in the mid term.
In parallel, the acquisition of GM Financial’s European operations is under way, subject to validation by the different regulatory authorities and is planned for the second half of 2017.