Opel will reduce the number models it sells to concentrate on high-margin segments and will also develop electric expertise for PSA Group, Frankfurter Allgemeine Zeitung reported.
PSA Group secured unconditional EU antitrust approval on Wednesday to acquire General Motors’ German unit, Opel, a move that will make it Europe’s second-largest automaker after Volkswagen Group.
General Motors’ European division Opel is losing its CEO, Karl-Thomas Neumann, just as it prepares to be acquired by PSA Group, a move that could see Neumann rejoin Volkswagen Group to run its Audi division.
Volkswagen Group is looking at rehiring Opel CEO Karl-Thomas Neumann, possibly to lead its Audi brand, a source familiar with the matter told Reuters, following a report that Neumann will quit Opel.
General Motors will pay Opel’s senior managers million-euro bonuses following the sale of the German brand to PSA Group, regardless of whether the executives remain with the company, a report said.
The transaction of PSA and Opel joint venture will allow substantial economies of scale and synergies in purchasing, manufacturing and R&D. Annual synergies of €1.7 Bn are expected by 2026 – of which a significant part is expected to be delivered by 2020, accelerating Opel/Vauxhall’s turnaround.
PSA Group agreed to buy General Motors Co.’s Opel unit in a transaction valued at 2.2 billion euros ($2.3 billion), creating Europe’s second-largest carmaker in a bid to better compete in the region’s saturated market.
General Motors and PSA Group mobilized their chief executives on Wednesday to defend the PSA’s planned acquisition of GM’s Opel against a German-led backlash that could derail the deal even before its terms are finalized.
Opel launched Astra Sports Tourer at national premiere on Friday, April 22, at the racetrack in Prague’s Chuchle. The car was introduced by country manager Pavel Šilha.
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