According to Automotive News, the announcement paves the way for PSA to become the second biggest automaker in Europe behind Volkswagen, with the company's R30.3-billion buy of GM's European operations in March also being touted as posing no competition concerns.
A decision on the acquisition of GM's financial operations by PSA and French bank BNP Paribas is however still under review, with an announcement, according to PSA, expected to take place in the second half of the year.
"Today, we have taken a substantial step. The teams are now focused on the achievement of all other conditions necessary for the closing, planned for later this year," PSA Manager of Programs and Group Strategy, Patrice Lucas, said in a statement.
Last month, the Russelsheim automaker confirmed it had signed an agreement with long time partner Williams Hunt to distribute its product in South Africa from next year following GM's shock exit by the end of 2017, and a day after its CEO, Karl-Thomas Neumann, announced his departure after four years at the helm.
IMAGE from gmauthority.com
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