Opel CEO Karl-Thomas Neumann says sale to PSA would start new chapter

Acquisition of Opel, General Motors’ European arm, by France’s PSA Group would make good sense from a commercial perspective, the Bild am Sonntag paper reported, mentioning comments by Opel CEO Karl-Thomas Neumann in a letter to workers.

“This is an opportunity to create a European champion and start a new and successful chapter in our history after having become part of GM for 88 years,” Neumann was stated in the letter.

Conservations on a sale of GM’s European arm to PSA were verified by both companies on Feb. 14.

“All parties involved comprehend the commercial logic behind the prepared transaction: this would develop the second-largest European automaker – with a market share of almost 17 percent,” Neumann stated.

He likewise said talks on Wednesday with GM CEO Marry Barra and Opel supervisory board Chairman Dan Ammann had been “very constructive”, including the works council and union IG Metall would be closely associated the comprehensive assessment of the potential offer.