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You can find the current article at its original source at https://www.theguardian.com/business/live/2017/mar/06/vauxhall-opel-sold-jobs-deal-aberdeen-standard-live-business-live
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| Vauxhall and Opel sold to Peugeot-Citroen in €2.2bn deal - business live | Vauxhall and Opel sold to Peugeot-Citroen in €2.2bn deal - business live |
| (35 minutes later) | |
| 8.40am GMT | |
| 08:40 | |
| Now the head of Opel, Karl-Thomas Neumann, speaks, and also sound optimistic abotu the sale to PSA. | |
| He says the deal will create a “European champion”, with Opel remaining a true German brand, and Vauxhall remaining a true British brand. | |
| 8.37am GMT | |
| 08:37 | |
| Mary Barra is followed by GM’s president, Dan Ammann. | |
| He says GM found it hard to grow its market share in Europe, despite making improvements at Opel and Vauxhall. | |
| GM President Dan Ammann says GM decided Opel needed more scale to succeed in Europe due to fragmenting market and increasing regulations. | |
| GM President Dan Ammann: Market scale was becoming tough to achieve, even with improvements at Opel, Vauxhall. | |
| 8.33am GMT | |
| 08:33 | |
| Shares in PSA Group have jumped by 4% in early trading, as investors give the deal the thumbs-up. | |
| 8.32am GMT | |
| 08:32 | |
| More from Mary Barra: | |
| GM CEO Mary Barra says decision to sell Opel "required thougthful and disciplined decision making about the future." | |
| Mary Barra says deal a win, win" for everyone. Says @GM Europe would have made money in 2016 were it not for Brexit pic.twitter.com/Sxw2vqIM8I | |
| 8.28am GMT | |
| 08:28 | |
| GM's Barra: This deal is good for Vauxhall/Opel | |
| GM’s Mary Barra is also attending the PSA press conference in Paris. She joins Carlos Tavares on the stage now.... | |
| Carlos Tavares et Mary Barra officialisent vente @Opel à @GroupePSA ce matin au siège parisien du constructeur tricolore pic.twitter.com/yVOjzsBB2C | |
| Barra says the deal will put Opel and Vauxhall on a firmer footing for the future, and create a new era for the two companies. | |
| She admits that it wasn’t an easy decision, but says GM is convinced that the sale is the right decision for customers, workers and shareholders. | |
| Barra also argues that GM Europe would have hit its goal of breaking even in 2016 “if it wasn’t for Brexit”. | |
| #PSA and #GM announcing sale of Opel/Vauxhall to PSA. GM's Mary Barra calls it a win for all three companies. | |
| Updated | |
| at 8.29am GMT | |
| 8.24am GMT | |
| 08:24 | |
| PSA press conference underway | |
| PSA’s chairman, Carlos Tavares, tells journalists in Paris that today’s deal will create “create a new European automotive champion” and unleash the full potential of Vauxhall and Opel. | |
| Tavares insists that PSA is committed to both brands. | |
| In conclusion, this deal is a game-changed for PSA, Tavares adds. | |
| 8.21am GMT | |
| 08:21 | |
| You can also watch the PSA press conference on Periscope, here: | |
| 🔵 LIVE: @GroupePSA / @GM press conference #Opel #Vauxhall https://t.co/xaF5xDplrT | |
| 8.19am GMT | |
| 08:19 | |
| Over in Paris, PSA Group is holding a press conference to discuss the Vauxhall/Opel deal. | |
| It’s being streamed live here (in English). | |
| 8.13am GMT | |
| 08:13 | |
| The Vauxhall-Opel sale isn’t the only big deal announced this morning. | |
| Standard Life has just swooped on fellow insurance group Aberdeen Asset Management in an £11bn takeover. Standard Life’s shares have surged by 9% in early trading, while Aberdeen are up 6.5%. | |
| But while the City likes the tie-up, staff at both companies may be fearing for their future, with £200m of cost-cuts planned. | |
| Here’s my colleague Julia Kollewe’s take: | |
| 8.01am GMT | 8.01am GMT |
| 08:01 | 08:01 |
| Here’s a bit of UK car history -- the first Vauxhall Viva rolling off the production line at the Ellesmere Port factory, back in 1964. | Here’s a bit of UK car history -- the first Vauxhall Viva rolling off the production line at the Ellesmere Port factory, back in 1964. |
| 7.54am GMT | 7.54am GMT |
| 07:54 | 07:54 |
| Politicians in Germany and Britain have been scrambling to protect workers at Opel and Vauxhall, respectively, in anticipation of this morning’s deal. | Politicians in Germany and Britain have been scrambling to protect workers at Opel and Vauxhall, respectively, in anticipation of this morning’s deal. |
| City analyst Louise Cooper fears that British workers could be vulnerable. She suspects that Paris government, which holds a stake in PSA, won’t want to spare Britain from the cost-cutting. | City analyst Louise Cooper fears that British workers could be vulnerable. She suspects that Paris government, which holds a stake in PSA, won’t want to spare Britain from the cost-cutting. |
| French govt owns 14% of PSAIf job cuts needed in EU, highly unlikely PSA will cut French or German jobs & leave Brits alone esp #Brexit | French govt owns 14% of PSAIf job cuts needed in EU, highly unlikely PSA will cut French or German jobs & leave Brits alone esp #Brexit |
| Sky’s Darren McCaffrey is also concerned that workers in Luton or Ellesmere Port, in Cheshire, could be hit. | Sky’s Darren McCaffrey is also concerned that workers in Luton or Ellesmere Port, in Cheshire, could be hit. |
| BREAK: Peugeot owner PSA has agreed €2.2bn deal to buy GM Europe's Opel and Vauxhall brands. Could it see jobs losses in the UK? | BREAK: Peugeot owner PSA has agreed €2.2bn deal to buy GM Europe's Opel and Vauxhall brands. Could it see jobs losses in the UK? |
| 7.45am GMT | 7.45am GMT |
| 07:45 | 07:45 |
| Labour MP: Glad that uncertainty is over | Labour MP: Glad that uncertainty is over |
| Labour MP Gavin Shuker, who represents Luton South, has welcomed the end to the uncertainty over Vauxhall’s future. | Labour MP Gavin Shuker, who represents Luton South, has welcomed the end to the uncertainty over Vauxhall’s future. |
| Shuker also points out that Vauxhall’s factories are more efficient than most of PSA’s other operations -- a reason not to consider closing them.... | Shuker also points out that Vauxhall’s factories are more efficient than most of PSA’s other operations -- a reason not to consider closing them.... |
| Glad to see the uncertainty over the PSA/GM deal is now over. Our UK plants are among the most efficient of any in the new company. (1/2) | Glad to see the uncertainty over the PSA/GM deal is now over. Our UK plants are among the most efficient of any in the new company. (1/2) |
| They deserve a bright future. Now government needs to play its part, delivering a Brexit deal that keeps Vauxhall building in the UK. (2/2) | They deserve a bright future. Now government needs to play its part, delivering a Brexit deal that keeps Vauxhall building in the UK. (2/2) |
| 7.40am GMT | 7.40am GMT |
| 07:40 | 07:40 |
| Here’s the official annoucement: | Here’s the official annoucement: |
| Opel/Vauxhall to join PSA Group | Opel/Vauxhall to join PSA Group |
| 7.40am GMT | 7.40am GMT |
| 07:40 | 07:40 |
| General Motor’s CEO, Mary Barra, says this deal will help GM to focus on new technologies (probably including self-driving cars?). | General Motor’s CEO, Mary Barra, says this deal will help GM to focus on new technologies (probably including self-driving cars?). |
| “We are reshaping our company and delivering consistent, record results for our owners through disciplined capital allocation to our higher-return investments in our core automotive business and in new technologies that are enabling us to lead the future of personal mobility. | “We are reshaping our company and delivering consistent, record results for our owners through disciplined capital allocation to our higher-return investments in our core automotive business and in new technologies that are enabling us to lead the future of personal mobility. |
| Barra also argues that Opel and Vauxhall will be in “an even stronger position for the long term”. | Barra also argues that Opel and Vauxhall will be in “an even stronger position for the long term”. |
| 7.31am GMT | 7.31am GMT |
| 07:31 | 07:31 |
| Peugeot-Citreon: We respect Opel/Vauxhall's workers | Peugeot-Citreon: We respect Opel/Vauxhall's workers |
| PSA’s chairman, Carlos Tavares, is trying to reassure Vauxhall and Opel workers about the future. | PSA’s chairman, Carlos Tavares, is trying to reassure Vauxhall and Opel workers about the future. |
| Speaking as the deal is announced, Tavaras says: | Speaking as the deal is announced, Tavaras says: |
| “We are proud to join forces with Opel/Vauxhall and are deeply committed to continuing to develop this great company and accelerating its turnaround. | “We are proud to join forces with Opel/Vauxhall and are deeply committed to continuing to develop this great company and accelerating its turnaround. |
| We respect all that Opel/Vauxhall’s talented people have achieved as well as the company’s fine brands and strong heritage. We intend to manage PSA and Opel/Vauxhall capitalizing on their respective brand identities. Having already created together winning products for the European market, we know that Opel/Vauxhall is the right partner. We see this as a natural extension of our relationship and are eager to take it to the next level.” | We respect all that Opel/Vauxhall’s talented people have achieved as well as the company’s fine brands and strong heritage. We intend to manage PSA and Opel/Vauxhall capitalizing on their respective brand identities. Having already created together winning products for the European market, we know that Opel/Vauxhall is the right partner. We see this as a natural extension of our relationship and are eager to take it to the next level.” |
| “We are confident that the Opel/Vauxhall turnaround will significantly accelerate with our support, while respecting the commitments made by GM to the Opel/Vauxhall employees.” | “We are confident that the Opel/Vauxhall turnaround will significantly accelerate with our support, while respecting the commitments made by GM to the Opel/Vauxhall employees.” |
| But....PSA is also adamant that it will make cost-savings once the deal goes through.... | But....PSA is also adamant that it will make cost-savings once the deal goes through.... |
| It says: | It says: |
| The transaction will allow substantial economies of scale and synergies in purchasing, manufacturing and R&D. Annual synergies of €1.7 Bn are expected by 2026 – of which a significant part is expected to be delivered by 2020, accelerating Opel/Vauxhall’s turnaround | The transaction will allow substantial economies of scale and synergies in purchasing, manufacturing and R&D. Annual synergies of €1.7 Bn are expected by 2026 – of which a significant part is expected to be delivered by 2020, accelerating Opel/Vauxhall’s turnaround |
| 7.26am GMT | 7.26am GMT |
| 07:26 | 07:26 |
| PSA to buy Vauxhall/Opel in €2.2bn deal | PSA to buy Vauxhall/Opel in €2.2bn deal |
| It’s official - General Motors is pulling out of the European car market by selling its Vauxhall and Opel divisions in a €2.2bn (£1.9bn) deal. | It’s official - General Motors is pulling out of the European car market by selling its Vauxhall and Opel divisions in a €2.2bn (£1.9bn) deal. |
| The agreement, announced a few minutes ago, will see France’s PSA Group (the firm behind Peugeot and Citroen) take ownership of Germany’s Opel and Britain’s Vauxhall. | The agreement, announced a few minutes ago, will see France’s PSA Group (the firm behind Peugeot and Citroen) take ownership of Germany’s Opel and Britain’s Vauxhall. |
| It ends weeks of speculation over the future of both car brands, and will make PSA Europe’s second-largest automotive company, with 17% of the market. | It ends weeks of speculation over the future of both car brands, and will make PSA Europe’s second-largest automotive company, with 17% of the market. |
| But it also means fresh uncertainty for workers at Vauxhall’s two British plants, at Ellesmere Port and Luton, if PSA decides to cut costs. | But it also means fresh uncertainty for workers at Vauxhall’s two British plants, at Ellesmere Port and Luton, if PSA decides to cut costs. |
| Details and reaction to follow.... | Details and reaction to follow.... |
| Updated | Updated |
| at 7.46am GMT | at 7.46am GMT |
| 7.15am GMT | 7.15am GMT |
| 07:15 | 07:15 |
| The agenda: Vauxhall sale, Aberdeen-Standard Life deal | The agenda: Vauxhall sale, Aberdeen-Standard Life deal |
| Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business. | Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business. |
| There’s a lot afoot this morning, starting with the car industry, as General Motors seals a deal to sell its Opel and Vauxhall divisions to France’s PSA. | There’s a lot afoot this morning, starting with the car industry, as General Motors seals a deal to sell its Opel and Vauxhall divisions to France’s PSA. |
| In the UK, two of Scotland’s biggest companies – Standard Life and Aberdeen Asset Management – are on track to merge, creating the second biggest fund manager in Europe. | In the UK, two of Scotland’s biggest companies – Standard Life and Aberdeen Asset Management – are on track to merge, creating the second biggest fund manager in Europe. |
| Germany’s Deutsche Bank is also in focus, after announcing plans to raise €8bn of fresh capital to bolster its balance sheet. | Germany’s Deutsche Bank is also in focus, after announcing plans to raise €8bn of fresh capital to bolster its balance sheet. |
| European stock markets are expected to open smoothly, with the FTSE 100 hovering close to last week’s record highs. | European stock markets are expected to open smoothly, with the FTSE 100 hovering close to last week’s record highs. |
| Our European opening calls:$FTSE 7365 down 9$DAX 11984 down 43$CAC 4992 down 3$IBEX 9791 down 8$MIB 19639 down 26 | Our European opening calls:$FTSE 7365 down 9$DAX 11984 down 43$CAC 4992 down 3$IBEX 9791 down 8$MIB 19639 down 26 |
| City traders will also be preparing for Wednesday’s Budget announcement, with chancellor Philip Hammond expected to announce plans to set aside billions of pounds to cover the impact of Brexit. | City traders will also be preparing for Wednesday’s Budget announcement, with chancellor Philip Hammond expected to announce plans to set aside billions of pounds to cover the impact of Brexit. |
| We’ll be covering all the main events through the day.... | We’ll be covering all the main events through the day.... |