Pe site-ul GM a fost postat urmatorul comunicat de presa : comunicat de presa
PSA and GM Press Release
Detroit and Paris, 6March 2017
Opel/Vauxhall
to join PSA Group
·
Establishes PSA Groupas #2 in
Europe. This strong and balanced presencein its home markets will serve as the
basis of profitable growth worldwide
·
Joint venture in auto
financing with BNP Paribas to support development of Opel/Vauxhall brands
·
€2.2 Bn transaction advances
GM’s transformation and unlocks shareholder value through disciplined capital
allocation
Detroit and Paris, 6 March 2017 – General Motors Co. (NYSE:GM) and PSA
Group (Paris:UG) today announced an agreement under which GM’s Opel/Vauxhall
subsidiary and GM Financial’s European operations will join the PSA Group in a
transaction valuing these activities at €1.3 Bn and €0.9 Bn, respectively.
With the
addition of Opel/Vauxhall, which generated revenue of €17.7Bnin 2016[1], PSA will become the second-largest
automotive company in Europe, with a 17% market share[2].
Creates sound European foundation for PSA to
support its worldwide profitable growth
“We are
proud to join forces with Opel/Vauxhall and are deeply committed to continuing
to develop this great company and accelerating its turnaround,” said Carlos
Tavares, chairman of the Managing Board of PSA. “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,” continued Mr. Tavares.
“We are
very pleased that together, GM, our valued colleagues at Opel/Vauxhall and PSA
have created a new opportunity to enhance the long-term performance of our
respective companies by building on the success of our prior alliance”, said
Mary T. Barra, GM chairman and chief executive officer.
“For GM,
this represents another major step in the ongoing work that is driving our
improved performance and accelerating our momentum. 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
believe this new chapter puts Opel and Vauxhall in an even stronger position
for the long term and we look forward to our participation in the future success
and strong value-creation potential of PSA through our economic interest and
continued collaboration on current and exciting new projects,” Ms. Barra
concluded.
Strengthens Each Company for the Long Term
The
transaction will allow substantial economies of scale and synergies in
purchasing, manufacturing and R&D. Annual synergies of €1.7Bnare expected by
2026 – of which a significant partis expected to be delivered by 2020,
accelerating Opel/Vauxhall’s turnaround. Leveragingthe successfulpartnership
with GM,PSA expectsOpel/Vauxhall to reach a recurring operating margin[3]of
2% by 2020 and 6% by 2026, and to generate a positive operational free cash
flow[4]
by 2020.
PSA,
together with BNP Paribas, will also acquire all of GM Financial’s European
operations through a newly formed 50%/50% joint venture that will retain GM
Financial’s current European platform and team. This joint venture will be
fully consolidated by BNP Paribas and accounted under the equity method by PSA.
The
transaction is another step in GM’s ongoing work to transform the company,
which has delivered three years of record performance and a strong 2017 outlook,
and returned significant capital to shareholders. It will strengthen GM’s core
business,support its continueddeployment of resources to higher-return opportunities
including in advanced technologies driving the future, and unlock significant
value for shareholders.
By
immediately improving EBIT-adjusted, EBIT-adjusted margins and adjusted
automotive free cash flow and de-risking the balance sheet, the transaction
will enable GM to lower the cash balance requirement under its capital
allocation framework by $2 Bn, which it intends to use to accelerate share
repurchases, subject to market conditions.
GM will also participate in the future success of the combined entity through
its ownership of warrants to purchase shares of PSA. GM and PSA also expect to
collaborate in the further deployment of electrification technologies and existing
supply agreements for Holden and certain Buick models will continue, and PSA
may potentially source long-term supply of fuel cell systems from the GM/Honda
joint venture.
[1]
Opel/ Vauxhall financials correspond to financials of the contributed entity
[2]
Excluding Russia and Turkey. Source: IHS (February 2017)
[3]IFRS.
Subject to full review of US GAAP – IFRS differences
[4]
Defined as recurring operating income + D&A – restructuring costs – capex –
capitalized R&D – change in working capital
