GM Sale Of Opel To PSA Could Be Completed Ahead Of Schedule

GM could complete the sale of Opel, its European arm, to the PSA Group as early as July 31.

When PSA Group agreed to buy Opel from General Motors last March, with the value of the transaction set at $2.3 billion, the two companies said that the deal could be completed by the end of the year.

But the original timeframe appears to have been significantly altered, with the deal set to be completed ahead of schedule, according to Reuters.

“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 acceleration of the procedure was made possible because GM formally agreed to protect factory jobs by signing binding contracts last week, according to a trade union source.

GM has signed agreements which give workers co-determination rights at Opel Automobile GmbH, the new company that will be sold to the PSA Group, and guaranteed it had set aside enough provisions to fund pension liabilities.

PHOTO GALLERY

  • Obsequious Lickspittle

    GM: Quick, take this!
    PSA: okaaayyy…

  • Six_Tymes

    Opal, great products for many years. I hope it remains that way. Retain the quality please.

  • Mark S

    Both companies would befit from continued partnerships.

  • haudit

    The first product of the joint venture between GM and PSA, the Opel Crossland X, hasn’t exactly had a rapturous response, so I’m not necessarily all that optimistic about Opel’s chances as a Groupe PSA subsidiary. Maybe other products, like the Grandland X, based on more up-to-date technology, will have a better reception?

Fernando Alonso Clinches Second Le Mans 24 Hours Win With Toyota

The two-time F1 champion and his teammates also won this year’s World Endurance Championship.

Lamborghini Diablo VT Roadster Is Everything A Supercar Should Be

The Diablo VT Roadster allows you to enjoy Lambo’s dreamy V12 with the wind in your hair.

Watch 700 HP “Old” Ford GT Go Full Burner, Hit 214 MPH With Ease

This second-gen modified example was actually faster than the latest GT down the exact same runway.

This Is What Fooling Around In Edd China’s Driveable Sofa Feels Like

We can’t even begin to imagine what other motorists would have thought seeing this… thing doing 70 mph.

TopCar’s Mercedes GLE Coupe Inferno 4×4*2 Wants To Be A [email protected] Off-Roader

It sure is no G-Wagen, but this modified GLE Coupe will go much further than the stock item.

G21 BMW M3 Touring Would Give Audi And Mercedes A Serious Headache

BMW has reportedly considered building an M3 Touring out of the new 3-Series – but probably won’t.

1200 HP Cadillac Escalade Spins All Four Wheels With Ease

This custom Cadillac Escalade has a 427 cubic-inch V8 with a pair of 76 mm turbochargers.

Tanner Foust And Genesis G70 Recreate Stunt From ‘Baby Driver’

The G70 performs a 180-reverse-to-drift maneuver within mere inches of a truck…

Hyundai Creta Driver Causes Severe Accident, Flees The Scene On Foot

The Korean crossover clipped a small Chevy hatch and sent it rolling down the road.

This Ford Focus RS Has 900 HP Running Through The Front Wheels!

In order to not shred its tires in mere seconds, a special ECU limits power at low speeds.