Peugeot Family Laud Opel-Vauxhall Takeover Plan.
“Opel is strong in markets where PSA is not so strong”
After PSA Group’s industry-rocking decision to buy Opel-Vauxhall from General Motors, it’s gone a bit quiet while the parties pursue due diligence enquiries, but Peugeot family members stepped up to remind everybody how much sense the deal makes to them.
Shareholder Jean-Philippe Peugeot and Robert Peugeot, chairman of PSA’s strategy committee, were interviewed by the German newspaper Welt am Sonntag.
“This will allow the group to conquer the rest of the world step by step. This remains an important goal for PSA,” Jean-Philippe said.
“Opel is strong in markets where PSA is not so strong,” said Robert, adding that Opel sells more cars in Germany than Peugeot, DS and Citroen combined, while Vauxhall sells more cars in Britain than all of PSA’s brands together, according to Automotive News Europe.
The Peugeot family has a nearly 14 per cent stake in PSA Group, as have China’s Dongfeng Motor, and the French government.
Meanwhile France sold its stake in PSA to its own Bpifrance sovereign wealth fund, in a move interpreted as signalling the government’s intention to remain a long-term shareholder. This could all change quite soon though, depending on the result of the French presidential election which should be completed in early May.