General Motors Sells Opel, Vauxhall to PSA for $2.3 Billion

Trade unions representing thousands of workers at Vauxhall factories in Britain said this weekend that they are looking to "engage constructively" with Vauxhall's new owners.

The French and American carmakers confirmed last month they were in talks to negotiate an outright acquisition of Opel and its British Vauxhall brand, leading to fears over job losses.

Commenting on the agreement, PSA head Carlos Tavares says that the group is proud to join forces with Vauxhall/Opel and deeply committed to continuing to developing the company and accelerating its turnaround.

The 2.2 billion euro ($2.33 billion) deal announced Monday in Paris by GM and PSA " maker of Peugeot and Citroen cars " will realign the industry and create Europe's No. 2 automaker after Volkswagen.

Labour MP Gavin Shuker, whose Luton constituency covers Vauxhall's Luton plant, said: "Glad to see the uncertainty over the PSA/GM deal is now over". The French government and Dongfeng, the Chinese carmaker, each bought a stake of 14 per cent in the group.

"As soon as PSA takes over the intellectual property rights [for products], the Opel brand will get an opportunity to develop on the worldwide market without any exceptions", he said.

"I am determined that we can convince the new boss, Tavares, that it makes sense for him to continue to build in Britain".

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"But there is also a role for the government to play".

PSA and GM have been seeking closer ties for several years and, with the companies' newest models sharing common platforms, the buyout doesn't really come as a huge surprise; particularly since GM has been looking to sell off its loss-making European division for some time.

Brexit could make it harder to save Vauxhall plants at Luton and Ellesmere Port following the vehicle manufacturer's takeover by French giant PSA, Sir Vince Cable warned today.

PSA repeated promises to run Opel as a distinct German subsidiary and honor existing job warranties to unions, which tend to cover production plans for existing models.

In the statement, which was also signed by the governors of the German states of Rhineland-Palatinate, Hesse and Thuringia, Zypries said it's important that transparency is front and center of the upcoming discussions regarding the takeover.

The sale of Opel seals GM's exit from Europe.

Former Business Secretary Sir Vince Cable expressed concerns about jobs because of the government's "lack of commitment to the customs union and the single market".

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