Mar
06
Peugeot Maker PSA Agrees to Buy GM’s European Brands in $2.3 Billion Deal
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PSA’s $1.9 billion deal creates second-biggest EU carmaker
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GM takes on $4 billion to $4.5 billion charge, pension duties
PSA Group is betting that size is the answer in Europe’s saturated car market as it buys General Motors Co.’s ailing regional division despite years of losses.
The maker of Peugeot and Citroen cars will pay 1.8 billion euros ($1.9 billion) for GM’s Opel unit and its U.K. sister brand Vauxhall, as the French manufacturer bolsters its defenses in a peaking market that’s being transformed by technology, new competitors and Brexit. GM, which is taking a charge of between $4 billion and $4.5 billion, will retain a toehold in the area by continuing to sell Chevrolets in small volumes…
Peugeot Maker PSA Agrees to Buy GM’s European Brands in $2.3 Billion Deal
