PSA's Vauxhall and Opel buyout to complete in August
Opel and Vauxhall will soon be part of PSA following a £1.9bn purchase from General Motors.
The PSA Group will soon complete the acquisition of Opel and Vauxhall, and it's likely that the deal will be complete by the end of August 2017. The deal will make the car maker into Europe's second-largest manufacturer behind the VW Group.
The European Commission said previously that it had "unconditionally approved" the buyout, worth £1.9bn.
PSA has also announced its finance chief Michael Lohscheller will become the new chief executive of Opel and Vauxhall. Lohscheller replaces Dr Karl-Thomas Neumann, who sat at the helm for four years following his appointment in 2013.
"We fully support the decision to appoint Mr. Lohscheller, who will be surrounded by Opel's best talents to bring Opel/Vauxhall to new horizons for the benefit of its employees, customers and partners”, said Carlos Tavares, Chairman of the Managing Board of the PSA Group.
According to Reuters, outgoing boss Neumann will stay on Opel’s board until the closing of the deal between PSA and GM. Neumann had previously said Vauxhall will need to refocus its positioning to flourish under its new ownership.
PSA Peugeot Citroen announced on the eve of the Geneva show earlier this year that it has acquired GM's European arm Opel/Vauxhall in a deal worth £1.9 billion.
Speaking exclusively to Auto Express at the show, Dr Neumann said that Opel is further along its path to profitability - and that Vauxhall needs "more attention and a clearer positioning".
"There are many changes in the British market - mainly the move towards premium or luxury brands,” he said. "So Vauxhall has to be clearer in what it stands for. But that is something where PSA has the highest interest that we proceed on our path and don’t mess around. Some people ask me, ‘Will all your cars from now on look like French cars?’ And the answer is no, of course not - because that is the whole thing with this deal. It’s British cars or German cars - and it’ll stay like this.
"You can see it here at Geneva with the Crossland; it’s a true Opel/Vauxhall, not a repainted Peugeot or Citroen. And all parties have the highest interest that it stays as such.”
The merger makes PSA the second largest car marker in Europe; with a market share of 17 per cent putting it behind only the VW Group. Globally, PSA sold 3.5 million cars last year compared with the Opel/Vauxhall brand's 0.8 million. The deal is expected to be completed by Q4 2017.
Source: autoexpress.co.uk
The European Commission said previously that it had "unconditionally approved" the buyout, worth £1.9bn.
PSA has also announced its finance chief Michael Lohscheller will become the new chief executive of Opel and Vauxhall. Lohscheller replaces Dr Karl-Thomas Neumann, who sat at the helm for four years following his appointment in 2013.
"We fully support the decision to appoint Mr. Lohscheller, who will be surrounded by Opel's best talents to bring Opel/Vauxhall to new horizons for the benefit of its employees, customers and partners”, said Carlos Tavares, Chairman of the Managing Board of the PSA Group.
According to Reuters, outgoing boss Neumann will stay on Opel’s board until the closing of the deal between PSA and GM. Neumann had previously said Vauxhall will need to refocus its positioning to flourish under its new ownership.
PSA Peugeot Citroen announced on the eve of the Geneva show earlier this year that it has acquired GM's European arm Opel/Vauxhall in a deal worth £1.9 billion.
Speaking exclusively to Auto Express at the show, Dr Neumann said that Opel is further along its path to profitability - and that Vauxhall needs "more attention and a clearer positioning".
"There are many changes in the British market - mainly the move towards premium or luxury brands,” he said. "So Vauxhall has to be clearer in what it stands for. But that is something where PSA has the highest interest that we proceed on our path and don’t mess around. Some people ask me, ‘Will all your cars from now on look like French cars?’ And the answer is no, of course not - because that is the whole thing with this deal. It’s British cars or German cars - and it’ll stay like this.
"You can see it here at Geneva with the Crossland; it’s a true Opel/Vauxhall, not a repainted Peugeot or Citroen. And all parties have the highest interest that it stays as such.”
The merger makes PSA the second largest car marker in Europe; with a market share of 17 per cent putting it behind only the VW Group. Globally, PSA sold 3.5 million cars last year compared with the Opel/Vauxhall brand's 0.8 million. The deal is expected to be completed by Q4 2017.
Source: autoexpress.co.uk
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