Clarification of PSA GROUP

Kristine ColeFeb 15 , 2017

Shares of General Motors gained more than 3 percent on Tuesday as investors appear to be optimistic on the deal as the company has consistently struggled to achieve a profit in its European unit.

In a statement addressing the talks, General Motors said that it was considering a number of "strategic initiatives" to boost profitability and efficiency, including a sale of its Opel brand to PSA.

GM is seeking a multi-billion dollar amount for Opel, according to Bloomberg.

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If PSA and GM Europe achieved similar savings, costs would fall by 1.9 billion euros, based on joint revenues of around 55 billion euros a year ago, excluding Peugeot's car-parts maker Faurecia.

PSA, which groups the Peugeot, Citroen and DS brands, "is exploring the possibility of acquiring Opel and Vauxhall", a company spokesman told AFP.

Such a deal would see GM exit United Kingdom and Europe, while transforming PSA Group into Europe's second-largest carmaker with a 16% share of the European market. He mentioned as possible effects of any deal a sale by PSA of Faurecia and a fresh attempt by Fiat Chrysler to merge with General Motors in North America.

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Recently, Morgan Stanley analyst Adam Jonas proposed that GM, faced with a stock price that has underperformed relative to the broader market index, could consider selling off or spinning off part of its business. Evercore ISI reckons GM's European pension liabilities are so large that the USA group might need to pay PSA to take over the business. "We are in discussions with Opel to expand upon our existing projects", Bertrand Blaise said. The French vehicle maker, which is partly owned by the French government, already shares production of SUVs and mini-vans with GM. PSA and GM signed an agreement in 2013 in Europe that involved former taking a seven per cent stake in PSA.

GM shares climbed almost 5% to close at 37.24 on the stock market today.

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