Peugeot Citroen buys Vauxhall, Opel from GM for EUR 2.2bn

ASATNA. KAZINFORM French car giant PSA Group on Monday announced it is to buy the European operations of General Motors for 2.2 billion euros, Kazinform has learnt from foreign media.

The PSA Group will pay 1.32 billion for the Opel manufacturing business including its UK sister brand Vauxhall in the form of 650 million euros in cash and 670 million in share warrants.

GM will receive an additional 900 million euros from the Paris-based carmaker and BNP Paribas for Opel's financing operations, which will be operated jointly and consolidated by BNP.

The merger will make the French company the second biggest carmaker in Europe with a 17 percent share of the market.