Earlier this year, General Motors effectively pulled out of the European market when it agreed to sell Opel, Vauxhall and nearly all of its manufacturing and finance operations to France’s PSA Groupe. The deal was reportedly set to be closed by the end of 2017.
However, things are clipping along at a faster pacer—despite a recent report claiming Opel had delayed the sale. Reuters reports the sale of Opel could be completed as early as July 31.
“We confirm that the closing is expected to take place in the second half of 2017 as planned and that the date of 31 July constitutes a first assumption for the earliest possible date, subject to the decision of the competition authorities,” Opel said in a statement.
The quick sale may be due to GM’s commitment to protect factory jobs after it signed binding contracts last week, a source told Reuters.
The sale was reportedly delayed after Opel’s research and development center wanted assurance it would continue to be tapped for projects over the next few years. An unnamed source also stated projects are guaranteed for another three years.