It’s official – Vauxhall will have new owners after Peugeot Citroen owners PSA Group announced they had reached an agreement to buy General Motors’ loss-making European operations.
The €1.3 billion deal creates the second-largest automotive manufacturer in Europe with both the Opel and Vauxhall brands coming under PSA’s control.
It is not known what this means for Vauxhall’s 4,500 strong manufacturing workforce in Ellesmere Port and Luton, with PSA’s chairman Carlos Tavares having gained a reputation for aggressive streamlining since taking the helm of the company. However, announcing the deal, Mr Tavares said, “We are confident that the Opel/Vauxhall turnaround will significantly accelerate with our support, while respecting the commitments made by GM to the Opel/Vauxhall employees.”
A joint venture between PSA and French banking group BNP Paribas also sees General Motors’ financial arm change hands for an additional €0.9 billion.
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