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Recently, European Union antitrust authorities approved the proposed acquisition of GM?s Opel/Vauxhall automotive business by the PSA Group, which manufactures Citroen, DS, and Peugeot models. This merger applies to the Vauxhall manufacturing plants in the United Kingdom that produce two of the top ten most popular vehicles currently on sale in Britain ? the Astra and Corsa.
It doesn?t bode well.
This deal, first announced a few months ago, will position PSA Group as the second-largest automotive company in Europe and will serve as the basis of the Group?s profitable growth worldwide, we are told. It is expected to be formalized later this year.
Proud Achievement"
Carlos Tavares, Chairman of the Managing Board of PSA is quoted as saying:?We are proud to join forces with Opel/Vauxhall and are deeply committed to continuing to develop this great company and accelerating its turnaround. We respect all that Opel/Vauxhall?s talented people have achieved as well as the company?s fine brands and strong heritage. We intend to manage PSA and Opel/Vauxhall capitalizing on their respective brand identities. Having already created together winning products for the European market, we know that Opel/Vauxhall is the right partner. We see this as a natural extension of our relationship and are eager to take it to the next level.? On the face of it, that all sounds fine and dandy but, as seems likely, when the deal is completely...