PSA Finalises Purchase Of Opel/Vauxhall From General Motors

"We are witnessing the birth of a true European champion today," PSA Chairman Carlos Tavares said in a statement. "We will assist Opel and Vauxhall's return to profitability and aim to set new industry benchmarks together."

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PSA revealed plans to buy Opel in March. The combined entity will unlock economies of scale and synergies in purchasing, manufacturing and research and development estimated at 1.7 billion euros ($2 billion), the companies said.

The goal is to generate a positive operational free cash flow by 2020 as well as an operating margin of 2 percent by 2020 and 6 percent by 2026, Opel said.

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