With the addition of Opel/Vauxhall, which last year (2016) generated €17.7 billion revenues, PSA will become the second-largest automotive company in Europe, with an estimated 17% market share.
“We are proud to join forces with Opel/Vauxhall and are committed to continuing to develop this great company and accelerating its turnaround,” comments Carlos Tavares, chairman of PSA.
“Having already created together winning products for the European market, we know that Opel/Vauxhall is the right partner… We see this as a natural extension of our relationship,” he adds.
“We are very pleased that together [we] have created a new opportunity to enhance the long-term performance of our respective companies by building on the success of our prior alliance” states Mary Barra, GM chairman and chief executive.
“We believe this new chapter puts Opel and Vauxhall in an even stronger position for the long term and we look forward to our participation in the future success and strong value-creation potential of PSA through our economic interest and continued collaboration,” she adds.
The acquisition should allow substantial economies of scale, including across purchasing, manufacturing and R&D.
According to PSA Group analysis. annual synergies of €1.7 billion are expected by 2026 – of which a significant part is expected to be delivered by 2020, it says, so accelerating Opel/Vauxhall’s turnaround.