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New York, USA
PSA Group and General Motors have confirmed they are currently studying the expansion of the Alliance created in 2012, and are exploring the possibility of merging both companies.
According to some media reports both companies have already tried to merge, but failed back in 2014 due to fragile financial conditions. While PSA has since delivered a successful turnaround plan, reaching its medium-term targets ahead of schedule by cutting costs and price increases, helped by a recovery in European demand, GM’s European subsidiaries Opel and Vauxhall are said to have struggled to break even.
General Motors and PSA Group have been implementing an Alliance since 2012, covering, to date, three projects in Europe and generating substantial synergies for the two groups. In this respect, PSA Group has confirmed in a statement published on February 14 that, together with General Motors, it is “exploring numerous strategic initiatives aiming at improving its profitability and operational efficiency, including a potential acquisition of Opel”, however, “there can be no assurance that an agreement will be reached”.
Shares for PSA SA were trading at -2.23% at 10am GST.