Photo: Peugeot
The reported deal between the PSA Groupe and General Motors has received the approval of the board of the French company, sources say.
We are referring to the rumors regarding the plans of the French conglomerate to acquire Opel, which is a deal that is supposed to happen this year.
The same company insider who preferred to remain unnamed told journalists that Peugeot-Citroen would announce the transaction early on Monday, but spokespersons from General Motors and PSA Groupe have refused to comment the inquiries made by Automotive News.
General Motors and the French conglomerate are not on their first deal, as the two automakers have previously signed an alliance that involves sharing some platforms to reduce costs.
Initially, the plan included making a significant number of models on common platforms, and in the same factories, but the deal got limited after its intentions were announced.
At the time, the representatives of the companies have refused to explain why that happened, and it is possible that we will never grasp why Peugeot, Citroen, and Opel did not want to share the platforms of their mid-sized models and their subcompacts, on top of the deal for minivans and commercial vehicles.
The latter was the only one that was approved at the time, and it is a work in progress, as the vehicles in question are in development.
Carlos Tavares, Renault’s former COO turned Groupe PSA’s CEO, has previously explained that purchasing Opel would give the French group the chance to become a “European car champion,” which could quickly exceed five million annual vehicle sales.
The talks between Opel and PSA Peugeot-Citroen have not gone without a hitch, as the companies had to negotiate the pension funds of former GM employees in Europe, as well as a reported non-compete clause between Opel and Chevrolet in China.
The two brands that are currently owned by General Motors shared numerous parts and technologies while the bowtie was sold in Europe, which led to the necessity of the non-compete restriction that may be applied to other markets where Chevy and Opel are present.
Further details of the deal are not available at the moment, so we will have to wait for more insiders to provide classified information under cover of anonymity, or get the official version from the two firms.
The same company insider who preferred to remain unnamed told journalists that Peugeot-Citroen would announce the transaction early on Monday, but spokespersons from General Motors and PSA Groupe have refused to comment the inquiries made by Automotive News.
General Motors and the French conglomerate are not on their first deal, as the two automakers have previously signed an alliance that involves sharing some platforms to reduce costs.
Initially, the plan included making a significant number of models on common platforms, and in the same factories, but the deal got limited after its intentions were announced.
At the time, the representatives of the companies have refused to explain why that happened, and it is possible that we will never grasp why Peugeot, Citroen, and Opel did not want to share the platforms of their mid-sized models and their subcompacts, on top of the deal for minivans and commercial vehicles.
The latter was the only one that was approved at the time, and it is a work in progress, as the vehicles in question are in development.
Carlos Tavares, Renault’s former COO turned Groupe PSA’s CEO, has previously explained that purchasing Opel would give the French group the chance to become a “European car champion,” which could quickly exceed five million annual vehicle sales.
The talks between Opel and PSA Peugeot-Citroen have not gone without a hitch, as the companies had to negotiate the pension funds of former GM employees in Europe, as well as a reported non-compete clause between Opel and Chevrolet in China.
The two brands that are currently owned by General Motors shared numerous parts and technologies while the bowtie was sold in Europe, which led to the necessity of the non-compete restriction that may be applied to other markets where Chevy and Opel are present.
Further details of the deal are not available at the moment, so we will have to wait for more insiders to provide classified information under cover of anonymity, or get the official version from the two firms.
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