European Union antitrust authorities have approved the PSA Group acquisition of Opel Vauxhall from General Motors (GM), four months after it was first proposed.
The acquisition will make PSA Group Europe’s second-largest car company, and includes the acquisition of GM Financial’s European arm in a joint deal with BNP Paribas Personal Finance.
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In March, PSA presented an offer of €1.3bn (£1.14bn) to purchase Opel Vauxhall, and €900m for the European arm of GM Financial.
The takeover of GM Financial is yet to be approved, and subject to review by EU antitrust authorities, is expected to be completed in the second half of this year.
Patrice Lucas, manager of programs and group strategy at PSA Group, said: “Today, we have taken a substantial step. The teams are now focused on the achievements of all other conditions necessary for the closing, planned for later this year.”
PSA marked its return to the US market earlier this year with a car sharing scheme called Free2Move, in partnership with TravelCar. Bank PSA Finance recorded an 11% increase in its operating income to €571m in 2016.
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By GlobalData
