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EU: Peugeot PSA purchase of Opel cleared

By  |  July 5, 2017

The European Commission has unconditionally approved the GB£1.9bn (US$2.5billion) takeover of Vauxhall owner Opel by car maker PSA.

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    It means the French company, which owns Peugeot, has cleared one of the last potential regulatory hurdles to its acquisition of the business from America’s General Motors (GM).

    The deal will create Europe’s second largest car maker.

    Vauxhall employs 4,500 people at car plants in Luton, where the Vivaro van is produced, and Ellesmere Port, which turns out its Astra cars.

    The Commission concluded that the deal “would raise no competition concerns in the relevant markets” as the newly enlarged company would still be up against the likes of Renault, Volkswagen, and Ford, as well as Asian rivals.

    Patrice Lucas, PSA strategy director, said the decision was “an important step”. However, European regulators are still reviewing the takeover of GM’s European finance operations by BNP Paribas and PSA.

    Full Content: Daily Sabah

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