German newspapers are reporting that the sale of General Motors’ Opel division to French rival PSA Group will be finalized and announced on March 1, 2017. Both parties are reportedly looking to complete the transaction before the Geneva International Auto Show, which commences on March 6. This includes Britain’s Vauxhall, as well.
Though negotiations are still ongoing and will run until the last minute, the transaction is no longer at risk of failing or breaking down, as both GM and PSA have significant interests in the deal’s successful completion. We expect full details next week in official releases.
So far, the GM sale of Opel to PSA is said to be valued at $2 billion USD. Since the press caught wind of the negotiations, GM leaders, union leaders, and major European politicians have been in constant contact. Topics discussed mostly revolved around job protection. Other topics covered were what would happen to the current Opel management team, and if the German automaker would “remain independent” from Peugeot-Citrõen.
Stay tuned for more.