French PSA Group purchases a European branch of General Motors, Opel, for 2,2 billion euro, a joint statement released by the company says.
On this occasion, GM and PSA will hold a press conference in Paris this morning.
The deal provides for an increase of a stake of Peugeot on European market up to 16%, having moved ahead of Renault SA and taken the second position on the market after Volkswagen AG with its 24%.
We should remind you that in 2009, a consortium comprising Russian Sberbank and Canadian Magna sought to purchase Opel, which has been suffering losses since 1999.
The company’s management plans to revive Opel and Vauxhall by means of restructurisation.