PSA Buys Opel From GM, Will Announce Deal On Monday, Says Report

Posted March 04, 2017

French automaker PSA Group has reached a deal with General Motors Co.to buy the Detroit carmaker's Opel division and will announce the acquisition early Monday, according to a Reuters report.

The deal "will be sealed on Monday morning in France and in Germany", the source said, adding that both sides "were very enthusiastic and satisfied".

Spokespeople for PSA and Opel declined to comment.

PSA Chief Executive Carlos Tavares said last week a full acquisition of Opel offered an "opportunity to create a European auto champion" and quickly exceed 5 million annual vehicle sales.

One of the key negotiating points is how PSA can achieve about 2 billion euros ($2.1 billion) in savings from a deal, said one of the people.

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GM stock was up more than 1 percent Friday afternoon, trading at about $38.18 a share.

GM used to have a bigger presence in Europe, but Chevrolet has retired from this market in late 2015, which would mean that the American corporation will exit the Old Continent through the alleged deal.

PSA is optimistic that acquiring Opel will save the company about $2.1 billion.

The carmakers have since narrowed the gap on pensions and the so-called "non-compete" agreements sought by GM, the people said, although it remains unclear how or whether they have been resolved.

Multiple reports claim that GM and PSA are in intense negotiations regarding the potential sale of Opel/Vauxhall to PSA Groupe, and some of those unnamed sources claim that an agreement could get signed over the weekend. However, much of the existing Opel lineup would remain dependent for years on technology and parts shared with other GM brands.