Daily Sabah logo

Politics
Diplomacy Legislation War On Terror EU Affairs Elections News Analysis
TÜRKİYE
Istanbul Education Investigations Minorities Expat Corner Diaspora
World
Mid-East Europe Americas Asia Pacific Africa Syrian Crisis Islamophobia
Business
Automotive Economy Energy Finance Tourism Tech Defense Transportation News Analysis
Lifestyle
Health Environment Travel Food Fashion Science Religion History Feature Expat Corner
Arts
Cinema Music Events Portrait Reviews Performing Arts
Sports
Football Basketball Motorsports Tennis
Opinion
Columns Op-Ed Reader's Corner Editorial
PHOTO GALLERY
JOBS ABOUT US RSS PRIVACY CONTACT US
© Turkuvaz Haberleşme ve Yayıncılık 2023

Daily Sabah logo

عربي
  • Politics
    • Diplomacy
    • Legislation
    • War On Terror
    • EU Affairs
    • Elections
    • News Analysis
  • TÜRKİYE
    • Istanbul
    • Education
    • Investigations
    • Minorities
    • Expat Corner
    • Diaspora
  • World
    • Mid-East
    • Europe
    • Americas
    • Asia Pacific
    • Africa
    • Syrian Crisis
    • Islamophobia
  • Business
    • Automotive
    • Economy
    • Energy
    • Finance
    • Tourism
    • Tech
    • Defense
    • Transportation
    • News Analysis
  • Lifestyle
    • Health
    • Environment
    • Travel
    • Food
    • Fashion
    • Science
    • Religion
    • History
    • Feature
    • Expat Corner
  • Arts
    • Cinema
    • Music
    • Events
    • Portrait
    • Reviews
    • Performing Arts
  • Sports
    • Football
    • Basketball
    • Motorsports
    • Tennis
  • Gallery
  • Opinion
    • Columns
    • Op-Ed
    • Reader's Corner
    • Editorial
  • TV

France's Peugeot PSA wins EU approval to buy General Motor's German unit Opel

by

BRUSSELS Jul 05, 2017 - 12:00 am GMT+3
An Opel logo is pictured on the front of the Astra car during the second media day of the 86th International Motor Show in Geneva, Switzerland, March 2, 2016. (REUTERS Photo)
An Opel logo is pictured on the front of the Astra car during the second media day of the 86th International Motor Show in Geneva, Switzerland, March 2, 2016. (REUTERS Photo)
by Jul 05, 2017 12:00 am

The EU's competition authority on Wednesday approved the blockbuster takeover of Germany's Opel by France's Peugeot PSA that will create Europe's second-largest carmaker after Volkswagen.

"The European Commission has unconditionally approved the acquisition of Opel by Peugeot, under the EU Merger Regulation," the Commission, the EU's executive arm, said in a statement.

The European Union on Wednesday approved French automaker PSA's acquisition of Opel and British brand Vauxhall from General Motors.

The EU's executive Commission said it has given unconditional approval to the deal. It said it "concluded that the transaction would raise no competition concerns in the relevant markets."

After losing money in Europe for years, GM announced in March that it would sell Germany-based Opel and sister brand Vauxhall to PSA in a deal worth 2.2 billion euros ($2.5 billion).

The acquisition will make PSA the No. 2 European automaker after Germany's Volkswagen.

PSA strategy director Patrice Lucas described the decision as "an important step" and said that the companies' teams are now concentrating on fulfilling other conditions necessary to close the deal, expected before the end of the year.

The two companies specified that, while Wednesday's decision approves the acquisition of the automotive business, EU antitrust authorities are still reviewing the planned acquisition of GM Financial's European operations by BNP Paribas and PSA.

A decision on that is expected in the year's second half, they said.

  • shortlink copied
  • Last Update: Jul 05, 2017 7:23 pm
    RELATED TOPICS
    fight-against-terrorism DEUTSCHE-BANK US-LIBYA-RELATIONS
    KEYWORDS
    homepage
    The Daily Sabah Newsletter
    Keep up to date with what’s happening in Turkey, it’s region and the world.
    You can unsubscribe at any time. By signing up you are agreeing to our Terms of Use and Privacy Policy. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
    No Image
    Türkiye's Osmaneli is preparing to enter 'Slow City' list
    PHOTOGALLERY
    • POLITICS
    • Diplomacy
    • Legislation
    • War On Terror
    • EU Affairs
    • News Analysis
    • TÜRKİYE
    • Istanbul
    • Education
    • Investigations
    • Minorities
    • Diaspora
    • World
    • Mid-East
    • Europe
    • Americas
    • Asia Pacific
    • Africa
    • Syrian Crisis
    • İslamophobia
    • Business
    • Automotive
    • Economy
    • Energy
    • Finance
    • Tourism
    • Tech
    • Defense
    • Transportation
    • News Analysis
    • Lifestyle
    • Health
    • Environment
    • Travel
    • Food
    • Fashion
    • Science
    • Religion
    • History
    • Feature
    • Expat Corner
    • Arts
    • Cinema
    • Music
    • Events
    • Portrait
    • Performing Arts
    • Reviews
    • Sports
    • Football
    • Basketball
    • Motorsports
    • Tennis
    • Opinion
    • Columns
    • Op-Ed
    • Reader's Corner
    • Editorial
    • Photo gallery
    • Jobs
    • privacy
    • about us
    • contact us
    • RSS
    © Turkuvaz Haberleşme ve Yayıncılık 2021