PSA close to deal to acquire GM's Opel unit, reports say
March 2, 2017
From wire reports via AutoNews.com
PSA Group is closing in on a deal to acquire General Motors' Opel unit to create Europe’s second-largest automaker, with an agreement possibly coming early next week, sources told Bloomberg and Reuters.
Both companies are planning to continue intense negotiations through the weekend with the aim of announcing a deal on Monday, Bloomberg reported on Thursday, quoting people familiar with the situation. The complexity of talks could lead to a delay, the people said.
The two automakers are said to be narrowing differences over pension liabilities, Reuters reported. GM’s pension plan for Opel and Vauxhall retirees is underfunded by about $9 billion, according to Bloomberg. PSA would like GM to keep a big chunk of that responsibility, sources said.
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