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Cars Vauxhall takeover: PSA Group wants a refund

18:38  07 december  2017
18:38  07 december  2017 Source:   motoringresearch.com

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PSA Group has told General Motors that it wants a 50 percent refund after it discovered that it had been misled over the emissions strategy of Vauxhall and sister brand Opel. That’s according to a report by Reuters

PSA Group says workers will get a chance to show what they can do, after buying Opel- Vauxhall from General Motors in a €2.2bn deal. The government has little power in takeovers - are there any plans to broaden the definition of public interest in takeovers .

Vauxhall takeover: PSA Group wants a refund © Provided by Motoring Research Vauxhall takeover: PSA Group wants a refund

PSA Group has told General Motors that it wants a 50 percent refund after it discovered that it had been misled over the emissions strategy of Vauxhall and sister brand Opel.

That’s according to a report by Reuters, which claims that PSA Group is seeking more than half a billion Euros from Opel/Vauxhall’s previous owner. The original deal reportedly cost the French car maker €1.3 billion.

While neither side is commenting on the matter, PSA CEO Carlos Tavares said last month: “We became aware a few weeks after we finalised the closing that the company was going to the wall on CO2 emissions.

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The PSA Group is said to be seeking a refund of between £529 million and £700m (€600-800m) from General Motors (GM) following its purchase of Vauxhall and Opel, in the belief that GM held back on fully explaining the severity of the brands' emissions challenges.

All seem unsurprised by Monday’s announcement that PSA Group is to buy the company. Peugeot-Citroën chief vows to save jobs in Vauxhall /Opel takeover . Read more. James Upton, 26, says: “Most places nowadays only want you for a few months.

“We put our teams to work to completely rebuild the product and technology strategies. If you fail to comply, the weight of fines you are hit with can threaten the company’s existence.”

Confirmed: PSA Group is buying Vauxhall for £1.9bn:   © Provided by Motoring Research  

EU regulations mandate that manufacturers meet a fleet average of 95g/km CO2 by 2021, down from the current 130g/km.

Car makers could be fined €95 (roughly £84) per car for every gram over the limit, leading to car makers desperately trying to reduce carbon emissions ahead of the deadline – not helped by a decline in diesel car sales as buyers switch to less frugal petrol cars.

Initially, PSA said it believed Opel and Vauxhall would exceed the 2021 limit by 3.7g/km. That’s now been increased to 10g/km, which could cost hundreds of millions in fines.

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With GM's Opel and Vauxhall operations, PSA Group would become the second largest carmaker in Europe, behind Volkswagen. The fine print behind the GM deal. Why is Vauxhall being sold to Peugeot's owner?

Economy Secretary Ken Skates has offered to meet Peugeot and Citroen bosses over the takeover of Vauxhall . With GM's Opel and Vauxhall operations, PSA Group would become the second largest carmaker in Europe, behind Volkswagen.

According to the Reuters report, GM’s “unrealistically high” sales projections for the electric Ampera-e (which won’t be marketed in the UK) and diesel-powered cars led to the miscalculation.

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