PSA buying GM's Opel - updated! - Page 6 - Ford Inside News Community
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post #51 of 57 (permalink) Old 05-31-2017, 09:32 PM
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Exclamation Wut the heck?

GM Slams the Brakes on Opel Sale!?!
TTAC
, By Steph Willems on May 30, 2017


The handover of General Motors’ European operations and creation of a new Opel corporate identity, which was expected later this week, has come to a screeching halt.

As part of the $2.3 billion sale to France’s PSA Group, GM’s longtime German subsidiary will take on the name Opel Automobile GmbH — but not until the two companies clear a big hurdle. It seems the problem comes down to a tale of two development centers: one owned by GM, the other by PSA.

Opel’s Rüsselsheim, Germany development center, which brought American buyers past (and future) Buick Regals, is just one of the assets being handed over to PSA. However, the company’s works council has specific demands for those workers.

According to Automobilwoche, the council, plus German labor union IG Metall, wants to keep a certain number of workers employed at Rüsselsheim, despite the fact that some of the center’s work will overlap with work being performed by PSA’s 13,000 development employees. The union wants a guarantee that 7,700 workers will keep their jobs at the Opel center. As well, it wants...to continue performing work for GM until 2020, which could account for 30 percent of the center’s output.

PSA wants the next-generation Opel Corsa compact to ride atop a PSA platform. However, Opel wants to develop the model’s successor, as well as an SUV based on the Opel Insignia midsize sedan.

Wolfgang Schäfer-Klug, chair of the Opel Works Council, has claimed the issue isn’t disputable. As a result, employee information sessions planned for this week have reportedly been cancelled and the deal has seen its ratification date pushed back. Opel still expects the handover to be completed by the end of this year.
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post #52 of 57 (permalink) Old 07-12-2017, 03:29 PM
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Re: (IS) PSA buying GM's Opel (STILL?) guess so!

no idea what happened with the above but...

PSA's Opel Merger To Be Complete In August
AutoVerdict
- Nick Saporito - July 12, 2017


Reports indicate The PSA Group's planned acquisition of General Motors' Opel division is slated to be complete by the end of August. The news means the merger that will create Europe's second largest automaker is moving ahead of schedule.

Some changes at Opel have already been seen, despite still being under GM ownership for now. Dr. Karl-Thomas Neumann, who served as Opel's CEO under GM's leadership, has already resigned. While Neumann will stay on the Opel board through the completion of the merger, PSA has already confirmed its finance chief Michael Lohscheller will take over as Opel's CEO.

The $2.3 billion deal between PSA and GM is designed to offload the money-losing Opel operation from GM's balance sheet, while providing PSA needed economic scale to enhance its own profitability into the future. The company is hoping to achieve over a billion euros in cost savings between the two automakers by 2026, some of which will be achieved by 2020.

The European Union has already provided an "unconditional" approval of the deal between GM and PSA, meaning the deal is ready to finalize as soon as both parties are comfortable with the terms and plan.
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post #53 of 57 (permalink) Old 08-02-2017, 03:37 AM
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it's all over now, baby...

PSA Group's purchase of Opel and Vauxhall completed
The French car giant has confirmed its purchase of Opel and Vauxhall from General Motors; PSA chief asserts that "Vauxhall will remain British"

AutoCar.co.UK
- Greg Kable - 1 August 2017


The PSA Group, which makes Citroën, DS and Peugeot cars, has completed its purchase of the Vauxhall and Opel brands.

The move, which was first announced in March, makes PSA the second-biggest-selling car group in Europe after Volkswagen. Enlarged PSA now has a 17% share of the European market.

Following the announcement this morning, PSA said it will present a detailed business plan for Vauxhall and Opel in early November and added that the intention was to return to the two brands to profit...

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post #54 of 57 (permalink) Old 08-12-2017, 07:09 PM
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so PSA finished buying GM's Opel...

Ruperts Trooper @ GMi
"...There's still bitterness in the UK that Peugeot wiped out ALL the Rootes brands in the UK and then withdrew production to France - if they do the same with Vauxhall Ellesmere Port they might as well do a Chevrolet in the UK and get out quick."
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post #55 of 57 (permalink) Old 09-06-2017, 05:32 PM
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Re: (IS) PSA buying GM's Opel (STILL?) update!

via Stéphane Dumas @GMi
not new-news but maybe still accurate...


Opel’s future in SA secured! ...afaik, nothing to do with GM
CarMag.co.ZA
- Ryan Bubear - June 14th 2017


Opel has announced that the Williams Hunt group has been appointed as the brand’s official distributor in South Africa from January 2018.

The news comes after uncertainty around Opel’s future in South Africa, with General Motors last month announcing that it would cease operations in the country, pulling the Chevrolet brand from the market.

General Motors, of course, is in the process of selling Opel to the PSA Group (which runs the Peugeot, Citroën and DS brands), with Opel’s global CEO having quit earlier this week.

Opel South Africa also revealed that it planned to expand its product offering, with the Crossland X set to be launched locally before the end of 2017. The larger Grandland X is scheduled to follow in 2018.

Williams Hunt has had a presence in South Africa since 1903 and is now part of the Unitrans Automotive Group, a division of Steinhoff International. The group promises that it will service Opel buyers with 35 dealerships across the country...
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post #56 of 57 (permalink) Old 11-29-2017, 09:15 PM
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PSA & Opel: BUT WE KEPT OUR RECEIPT!!

PSA Seeking Refund From GM Over Opel Acquisition
AutoVerdict
- Nick Saporito - Nov 29, 2017


French automaker PSA Group is reportedly seeking a refund from General Motors against its acquisition the Opel and Vauxhall brands earlier this year. The request comes as PSA says it was misled regarding Opel’s position relating to meeting strict CO2 emissions regulations now and into the future.

The story, broken by Reuters, alleges that PSA is going to seek 600-800 million euros from GM, which is nearly half of the acquisition price the company paid for Opel back in July when the deal closed.

Thus far PSA Group has not filed a formal request with GM for the refund, but the grievances have been discussed by the two parties.

PSA’s allegations stem from what it says was misleading information regarding Opel’s emissions strategy going forward. By 2021 the European Union will implement a new emissions target of 95 grams per kilometer, down from today’s 130 grams. This significant reduction is the source of the feud, as PSA claims GM said Opel was going to be able to meet this target.

Upon further inspection of Opel’s plans after it took possession of the company this summer, PSA says that isn’t the case. Instead, Opel will miss the 2021 target and it says GM’s strategy for meeting it was under unrealistic assumptions. Specifically, the company was forecasting high sales of the Ampera-e, an all-electric vehicle based on the Chevrolet Bolt EV.

Failure to achieve the new emissions targets will subject the automaker to significant fines, which could be up to 1 billion euros if targets are missed by sizable amounts.

PSA’s realization regarding Opel emissions has caused the company to significantly rework its product strategy. The company says all Opel products will be replaced with its engines and technology by 2024, three years ahead of the original schedule. The company is also quickly working on electrified versions of the Opel Corsa, Garland X and Crossland X that were not originally planned.

PSA says these changes are costing them a lot of money, motivating them to pursue a possible refund from GM to help fund them.

A GM spokesman told Reuters PSA conducted a robust due diligence process prior to finalizing the deal. People familiar with the matter say GM did not allow Opel employees to talk to PSA during the deal, instead all due diligence requests were handled by GM headquarters in Detroit.

According to the actual acquisition contract, grievances such as this will have to go through arbitration if PSA opts to formalize their complaint. If any deal is reached during arbitration, GM will treat the payment as a refund of the deal for tax purposes.

Any refund on GM’s part will simply escalate an already high bill on the company’s European exit. GM has spent about $6 billion to shed Opel, $5.5 billion of which is in the form of writing down Opel from the books. GM also had to commit 3 billion euros into Opel’s pension fund as part of the deal.

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post #57 of 57 (permalink) Old 11-30-2017, 09:20 AM Thread Starter
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Re: PSA buying GM's Opel - updated!

So, PSA didn't do their homework before buying Opel. If a main issue was forecasting sales of electric cars, then PSA should have done their own evaluations of what they considered correct estimates. They had access to all the data...someone at PSA wanted the deal done regardless.
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