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Decision day is really here for General Motors as the U.S. carmaker is set to make a formal pronouncement on the deal to sell off its loss-making Vauxhall and Opel operations to PSA Group, the French company that owns Peugeot and Citroen.
A statement obtained from GM’s corporate website said the formal announcement will be made this Monday morning at a joint press conference scheduled to be held at the PSA Group Headquarters, 75, avenue de la Grande-Armée – 75116 Paris by both parties to deal.
Industry sources however believe that the announcement may have been programmed to come just a day ahead of the kick-off of the Geneva International Motor Show on Tuesday.
While GM appears undeterred in shedding off its loss-making European operations, thus pulling out completely out of Europe, PSA is keen on the deal that will shore up its prospects and see it become Europe’s second biggest car maker after Volkswagen and beating Renault, its French rival. to the third position, if it sails through.
AUTO REPORT AFRICA will bring you details of the deal as they unfold.
