The EU’s competition authority on Wednesday authorised the blockbuster takeover of Germany’s Opel via France’s Peugeot PSA that will create Europe’s 2nd-biggest carmaker after Volkswagen.
PSA—which additionally owns Citroen and DS—agreed in early March to pay a few 1.3 billion euros ($1.46 billion) for Opel, a storied German company owned via US car massive General Motors for many years, as properly its British subsidiary Vauxhall.
“The European Commission has unconditionally accepted the purchase of Opel by using Peugeot, below the EU Merger Regulation,” the Commission, the EU’s govt arm, said in a declaration.
“The Commission concluded that the transaction might increase no competition worries in the applicable markets,” it said.
Despite final a acquainted sight on German roads, the carmaker with the lightning logo and its British sibling Vauxhall have no longer booked a profit given that 1999.
Based in Ruesselsheim outside Frankfurt, the business enterprise turned into Germany’s largest carmaker for decades before dropping the crown to Volkswagen.
The EU stated the blended market shares of the 2 companies were extraordinarily small in all the bloc’s national markets, simplest exceeding 40 percentage in Estonia and Portugal.
Opel and Vauxhall hire some 35,six hundred workers among them at 10 factories throughout Europe, round half of of them at three flora in Germany.
Experts agree that Opel has not matched the success of other manufacturers like Ford or PSA in lowering overcapacity.
PSA—which additionally owns Citroen and DS—agreed in early March to pay a few 1.3 billion euros ($1.46 billion) for Opel, a storied German company owned via US car massive General Motors for many years, as properly its British subsidiary Vauxhall.
“The European Commission has unconditionally accepted the purchase of Opel by using Peugeot, below the EU Merger Regulation,” the Commission, the EU’s govt arm, said in a declaration.
“The Commission concluded that the transaction might increase no competition worries in the applicable markets,” it said.
Despite final a acquainted sight on German roads, the carmaker with the lightning logo and its British sibling Vauxhall have no longer booked a profit given that 1999.
Based in Ruesselsheim outside Frankfurt, the business enterprise turned into Germany’s largest carmaker for decades before dropping the crown to Volkswagen.
The EU stated the blended market shares of the 2 companies were extraordinarily small in all the bloc’s national markets, simplest exceeding 40 percentage in Estonia and Portugal.
Opel and Vauxhall hire some 35,six hundred workers among them at 10 factories throughout Europe, round half of of them at three flora in Germany.
Experts agree that Opel has not matched the success of other manufacturers like Ford or PSA in lowering overcapacity.
