Uproar in Ghana after president unveils his own statue    Putin hails 'courageous' Trump after election win    Israel passes law to deport relatives of attackers, including citizens    Monkey mayhem in South Carolina after 43 primates escape research facility    Russian anti-war teenager faces five years in jail after failed appeal    SR 3.95 million fines for 3 employees of a company and 6-month jail for one for violating Capital Market Law    Qassim emir launches 52 health projects costing a total of SR456 million    BD and INS partner to elevate standards of infusion care in MENAT    Dubai Design Week launches its 10th edition, celebrating creativity and innovation    GASTAT: Passengers of public transport bus and train soar 176% and 33% respectively in 2023    Fakeeh Care Group reports 9M-2024 net profit of SR195.3 million, up 49% y-o-y driven by solid revenue growth and robust profitability    HRT does not impact life expectancy — UK health body    Liam Payne's body to be flown back to the UK    Suspect arrested for banking fraud totaling SR493 million as Nazaha pursues corruption charges    Arab leaders and heads of state congratulate US President-elect Donald Trump    Neymar suffers muscle tear, out for 4-6 weeks    Crown Prince hails Saudi medical team that performed world's first fully robotic heart transplant    Al Nassr secures 5-1 victory over Al Ain to edge closer to knockout stage    Al Ahli extends perfect start with 5-1 victory over Al Shorta    Mitrovic's hat-trick leads Al Hilal to 3-0 victory over Esteghlal    India puts blockbuster Pakistani film on hold    The Vikings and the Islamic world    Filipino pilgrim's incredible evolution from an enemy of Islam to its staunch advocate    Muted Eid celebrations for millions of Nigerian Muslims    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



PSA carmaker buys GM's European subsidiary
Published in The Saudi Gazette on 07 - 03 - 2017

French carmaker PSA on Monday announced the acquisition of General Motors› European subsidiary, which includes the Opel and Vauxhall brands, for 1.3 billion euros ($1.38 billion).
The move sees PSA regain its position as Europe›s second-largest automobile manufacturer, after Germany›s Volkswagen, overtaking rival French firm Renault.
PSA said in a statement it was also buying GM Europe›s financial operations for 900 million euros in a joint deal with bank BNP Paribas, taking the total value of the deal to 2.2 billion euros.
The takeover includes six assembly plants and five component-making facilities and some 40,000 employees.
Plans for the takeover of the Opel division by PSA, which owns the Peugeot and Citroen brands, were unveiled in the middle of February, sparking fears in Germany and Britain that the prospective new owner could cut non-French jobs.
The French giant›s shares rose more than three percent on the Paris stock exchange early Monday on news of the deal, trading at 19.67 euros.
PSA boss Carlos Tavares said the firm was «deeply committed to continuing to develop this great company and accelerating its turnaround.
«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,» Tavares said.
Vauxhall employs around 5,000 people in Britain. Opel operates some 10 factories in Europe spread across six countries, and had 35,600 employees at the end of 2015, 18,250 of them in Germany.
Founded in 1862, Opel, with its lightning-bolt emblem, is a familiar sight on European roads, but in recent years the firm has booked repeated losses, costing Detroit-based GM around $15 billion since 2000.
Britain, where it sells vehicles under the Vauxhall brand, is Opel›s largest European market.
A sharp fall in the pound since Britain›s vote to quit the EU last June sank Opel›s hopes of getting back into the black in 2016, and it ended up reporting a loss of $257 million.
Britain›s Unite trade union said the productivity of the UK plants and the strength of the Vauxhall brand meant that it «makes sense» for PSA to continue manufacturing there.
Unite boss Len McCluskey also called on the British government to end the uncertainty surrounding trade relations with the EU after Brexit.
«We need every assistance from the government to give this sector a fighting chance,» he said.
That absolutely includes committing now to securing access to the single market and customs union.
PSA said the deal will enable substantial economies of scale and savings in purchasing, manufacturing and research, and they aim to return Opel-Vauxhall to profit in the next three years.
GM›s chairman and chief executive Mary Barra said at a press conference on Monday that the sale had been «a difficult decision for General Motors ... but the right one».
In the statement confirming the sale, Barra hailed the move as «another major step» in the company›s efforts to improve its performance.
«We believe this new chapter puts Opel and Vauxhall in an even stronger position for the long term and we look forward to our participation in the future success and strong value-creation potential of PSA through our economic interest and continued collaboration on current and exciting new projects,» Barra said.
PSA said that all of Opel-Vauxhall›s pensions would remain with GM, apart from a German pension pot and some smaller plans, which will be transferred to the French manufacturer. GM is to pay PSA 3.0 billion euros for settlement of these obligations.


Clic here to read the story from its source.