Once the paperwork has been finalised, the Groupe will become Europe’s second-biggest carmaker taking in Opel, Vauxhall, Peugeot, Citroen and DS.
Such a large acquisition may have caught the eye of the anti-competition police, but the EU sees no such problems.
"Today, we have taken a substantial step. The teams are now focused on the achievement of all other conditions necessary for the closing, planned for later this year," PSA’s Patrice Lucas said, speaking with industry paper Automotive News.
The combined resources of the new Groupe could result in cost savings of €1.7 billion, which PSA hopes will result in operating profits for both Opel and Vauxhall of two percent within three years and six percent by 2026.
Groupe PSA will be second only to the Volkswagen Group in Europe once the takeover becomes reality, provided the EU’s antitrust panel also rubber stamps the transaction.
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