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France's PSA in talks to buy GM's Opel and Vauxhall brands

Xinhua, February 15, 2017 Adjust font size:

France's leading car maker PSA group on Tuesday said that it is holding talks with General Motors to buy its European units Opel and Vauxhall brands in a move to bolster its profitability and strengthen its position in global auto market.

In a press release, French No.1 car manufacturer "confirms...a potential acquisition of Opel-Vauxhall," as part of "strategic initiatives aiming at improving its profitability and operational efficiency."

But it said "There can be no assurance that an agreement will be reached."

French state owns 14 percent of PSA which produces Peugeot, Citroen and DS brands.

In 2016, the French car maker saw its revenue increasing by 10 percent from a year earlier with its global vehicle deliveries stood at 3.146 million units, up 5.8 percent compared to 2015 performance.

Although the deal is not certain to be concluded, PSA stocks ended in green on Tuesday session after gaining 4.32 percent. Endit