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PSA buys GM unit for 1.3b euros to become Europe's No 2 carmaker

Paris

FRENCH carmaker PSA on Monday announced the acquisition of General Motors' European subsidiary, which includes the Opel and Vauxhall brands, for 1.3 billion euros (S$1.94 billion).

The move sees PSA regain its position as Europe's second-largest car manufacturer, after Germany's Volkswagen, overtaking rival French firm Renault.

PSA said in a statement that it was also buying GM Europe's financial operations for 900 million euros in a joint deal with bank BNP Paribas, taking the total value of...

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