• Sign in to follow this  
    Followers 0

    Top Gear's Vauxhall Astra is Up for Sale


    • For Sale: Vauxhall Astra, Low Mileage, Has Racing Seats and Rollcage


    The Vauxhall Astra was the final 'Star in a Reasonably Priced Car' before the whole Jeremy Clarkson 'fracas' imploded the show. Now you have the chance to own this vehicle.

     

    Vauxhall put the vehicle up for sale this week on eBay, describing the model as a 1.5L TechLine hatchback with 115 horsepower. The Astra is fitted with a full roll cage along with two Corbeau Sprint Racing seats and five-point safety harnesses. It should be noted the airbags are disabled due to the rollcage. Mileage is listed at 2,908 miles. But considering how much abuse this Astra was put through, we think it should read 2,908,000 miles.

     

    During the Astra's time as the 'Reasonably Priced Car', 23 stars took the car around the Top Gear track. Singer Olly Murs was the fastest with a time of 1:44.6. This is closely followed by Nicholas Hoult and Aaron Paul at 1:44.7.

     

    At the time of this writing, the current bid stands at £8,000.00 (about $11,365.25) with the reserve not met. Proceeds of the sale will go to automotive support network BEN.

     

    Source: eBay, Vauxhall

     

    Press Release is on Page 2



    GOING, GOING, GONE - AGAIN

    • BBC Top Gear’s Reasonably Priced Vauxhall Astra back up for auction to raise money for BEN
    • 2013 Astra driven by Will Smith and Benedict Cumberbatch
    • New eBay auction opening today: http://www.ebay.co.uk/itm/-/231913252015


    The Vauxhall Astra used in the last series of BBC’s Top Gear as their Reasonably Priced Car is up back for sale to raise money for the automotive support network BEN.

     


    The 2013 Vauxhall Astra 1.6 was driven by a host of celebrities including Tom Hiddleston, Jack Whitehall and Steven Tyler. The car, donated by Vauxhall Motors, was initially offered for auction late last year, but with the original sale now fallen through, the way is clear for one lucky Top Gear fan to bid for the vehicle on eBay as well as contribute to a worthy cause.

     

    BEN is committed to making positive differences to the lives of people within the automotive industry and their dependents. The organisation offers a wide range of free and confidential information, advice and Support Services, along with the provision of residential, nursing and specialist care services at multiple care centres around the UK.

     

    David Main, Chief Executive at BEN said: “It is a shame the original sale fell through, but this of course does mean another chance for a Top Gear fan to get their hands on a piece of the show’s history, after all this was the last car to be used in the show’s previous format.”

     

    He added: “Who knows, perhaps Chris Evans or Matt Le Blanc may fancy bidding on it themselves?!”

     

    With an estimated 350 million views in 170 different countries per week, the 2013 Vauxhall Astra 1.6 was initiated with a star-studded barbeque, featuring celebrities including comedians Jimmy Carr and Warwick Davis, and singers Brian Johnson and Joss Stone. Celebrities such as Olly Murs, who topped the leader board, Margot Robbie, Ron Howard and James Blunt all thrashed it around the Top Gear Test Track at Dunsfold Park, Surrey.

     

    The five-door Power Red 1.6-litre 115bhp Vauxhall Astra Tech Line will be auction on eBay, from today for 2 weeks until 28th April, with a reserve of £10,000 - all proceeds from the sale will be donated to BEN.

     

    The spec:

    • Mileage – 2,908
    • 17-inch 10-spoke alloy wheels
    • Sat-nav system with seven-inch colour monitor
    • Three-spoke leather-covered sports steering wheel
    • Multi-function trip computer
    • USB connection with iPod control
    • Mobile phone system with Bluetooth
    • Digital radio with six premium speakers
    • Chrome-effect exterior side window surround
    • Front Corbeau Sprint Racing seats with 5 point safety belt harness and full roll-cage


    IMPORTANT NOTE: Bidders should be aware that the airbags have all been disabled making room for the roll-cage. To re-instate the airbags would involve removing the roll-cage and seating. So, in its current state, the car is not type-approved and should not be driven on the road. The Vauxhall Technical Team will work with the successful bidder at handover to fully explain how the vehicle has been adapted. Please be aware converting the vehicle back into use on the public highway would incur significant cost.

    0


    Sign in to follow this  
    Followers 0


    User Feedback


    Really neat.. but also pass. 

     

    If I was stupid loaded I'd like to buy it but w/o any special markings on the outside nobody would "get it" so the joke isn't that funny. 

    0

    Share this comment


    Link to comment
    Share on other sites


    Your content will need to be approved by a moderator

    Guest
    You are commenting as a guest. If you have an account, please sign in.
    Add a comment...

    ×   You have pasted content with formatting.   Remove formatting

      Only 75 emoticons maximum are allowed.

    ×   Your link has been automatically embedded.   Display as a link instead

    ×   Your previous content has been restored.   Clear editor




  • Popular Stories

  • Today's Birthdays

    1. CARBIZ
      CARBIZ
      (56 years old)
    2. crash
      crash
      (29 years old)
  • Similar Content

    • By William Maley
      Last week saw the PSA Group (parent company of Citroen and Peugeot) purchasing Opel and Vauxhall from General Motors for $2.3 billion. This move would make the PSA Group the second-largest automaker in Europe. We already know some of the plans that PSA Group has for their new brands such as setting operating profit targets of 2 percent in 2020 (jumps to 6 percent by 2026) and the next-generation Opel/Vauxhall Corsa being the first new product developed with PSA. But as we alluded to in the original news story, there are a lot of questions that remain unanswered such as possible job cuts or what happens to Buick and Holden as they share products with Opel. I have been doing a bit of thinking on these and some other questions. The end result is this piece.
      1: Will there be job cuts and plant closures?
      In 2016, PSA Group employed 172,000 people worldwide. With the acquisition of Opel and Vauxhall, they will be adding close to 42,000 workers (the majority of those from Opel). The number of plants will also increase to 28 due to this purchase. Sooner or later, PSA Group is going have to make cuts. During the press conference announcing the deal, PSA Group CEO Carlos Tavares said the company “would honor existing labor agreements and closing plants is a “simplistic” solution.” That may be true for now, but this might change within the coming years. Some analysts believe PSA Group will close two to three plants within five years.
      The most likely place where the closures and layoffs could take place is in Great Britain. The reason as we talked about in a story back in February deals with the decision made by British citizens last year with leaving the European Union.
      “By leaving, the country would lose access to the EU Single Market which guarantees unconstrained trade across the member states. It would mean various countries would be leveraging tariffs on British-made goods, making production in the country less competitive.”
      Former British member of parliament and business secretary Sir Vincent Cable outlined how bad this decision looks for Vauxhall in a recent interview on BBC Radio 4.
      There could be a way that the British Government could at least stall the possible closures. Back in October, the British Government worked out a secret deal with Nissan to keep them investing in British car production at their plant in Sunderland. This deal caused an uproar as the details were kept as many believed the British Government would be handing over money to keep Nissan happy. But sources told British newspaper The Independent back in January that the deal had no mention of money.
      It could be that the British Government could do something similar for PSA Group to keep jobs, but it is too early to say if this will happen or not.
      2: Will this affect PSA’s plans of entering the U.S.?
      Probably not. Let’s remember that PSA Group is working through a ten-year plan that may or may not see the return of the Citroen and Peugeot, along with the introduction of DS to the country. Already, the first part of this plan is gearing up for the launch of a car sharing service next month. There is also extensive research going on into the U.S. marketplace. 
      But could there be a possibility of Opel or Vauxhall vehicles being sold here? It would not be surprising if there isn’t talk about this at PSA Group’s HQ. But there is a slight complication to this idea. As part of the sale, PSA Group cannot sell any Opel vehicles developed by GM anywhere in various markets outside of Europe (China and U.S. for example) until they transition to PSA platforms. That means a number of models such as the Astra, Insignia, and Mokka are out of the question for the time being. If Opel was chosen to be one of the brands PSA would sell in the U.S., they might not have a full line of vehicles to sell due to this clause.
      3: What does the future hold for Buick and Holden?
      If there are some losers from the sale of Opel, it has to Buick and Holden. Buick has found some success with Opel products as the Encore (rebadged Mokka) has become one the best-selling models for the brand. Holden is getting a shot in the arm as the Astra will hopefully help their fortunes in the compact space, and the new Commodore (rebadged Insignia) has a tough task ahead of it with living up to an iconic name. For the time being, Opel will continue supplying models to both brands. It is what happens in the future that many are concerned about.
      During the Geneva Motor Show, GM President Dan Ammann said something very interest to Australian journalists about the future of Holden’s products.
      This makes sense as the Astra was only launched and the Commodore is getting ready to go on sale. But I wouldn’t be surprised if talks begin very soon about this very topic. The same talks are likely to begin at Buick soon where they face the same issue for the Regal and Encore. Our hunch is Buick might have the easier time of two. The Encore would continue on since it shares the same platform as the Chevrolet Trax. As for the Regal, it could leave Buick’s lineup once the next-generation model runs its course.
      4: Does GM lose anything with this deal?
      There has been a lot of talk about how much money will be freed up from the sale of Opel/Vauxhall for GM, along with making a bit more profit. But it comes at a cost that could hurt GM down the road. The recent crop of compact and midsize sedans from GM owe a lot to Opel’s engineering knowledge. Vehicles that excel in driving dynamics and fuel economy are worth their weight in gold when it comes to the European marketplace. As we know, one part of why GM went into bankruptcy was the lack of competitive small and midsize cars that got good fuel economy. Opel would prove to be GM’s savior with this key knowledge.
      Right now, compacts and midsize sedans aren’t selling as consumers are directing their attention to crossovers and SUVs. This is due in part to lower gas prices. But sooner or later, the price of gas will go back up and cause many to go back to smaller vehicles. With talk about GM scaling back on their small and midsize car lineup, this decision could have consequences down the road. Plus with Opel out of the picture, GM doesn’t have someone it can rely on to get these models back to the forefront. We can hope GM’s North American office has learned some stuff when working with their European counterparts.
    • By William Maley
      Last week saw the PSA Group (parent company of Citroen and Peugeot) purchasing Opel and Vauxhall from General Motors for $2.3 billion. This move would make the PSA Group the second-largest automaker in Europe. We already know some of the plans that PSA Group has for their new brands such as setting operating profit targets of 2 percent in 2020 (jumps to 6 percent by 2026) and the next-generation Opel/Vauxhall Corsa being the first new product developed with PSA. But as we alluded to in the original news story, there are a lot of questions that remain unanswered such as possible job cuts or what happens to Buick and Holden as they share products with Opel. I have been doing a bit of thinking on these and some other questions. The end result is this piece.
      1: Will there be job cuts and plant closures?
      In 2016, PSA Group employed 172,000 people worldwide. With the acquisition of Opel and Vauxhall, they will be adding close to 42,000 workers (the majority of those from Opel). The number of plants will also increase to 28 due to this purchase. Sooner or later, PSA Group is going have to make cuts. During the press conference announcing the deal, PSA Group CEO Carlos Tavares said the company “would honor existing labor agreements and closing plants is a “simplistic” solution.” That may be true for now, but this might change within the coming years. Some analysts believe PSA Group will close two to three plants within five years.
      The most likely place where the closures and layoffs could take place is in Great Britain. The reason as we talked about in a story back in February deals with the decision made by British citizens last year with leaving the European Union.
      “By leaving, the country would lose access to the EU Single Market which guarantees unconstrained trade across the member states. It would mean various countries would be leveraging tariffs on British-made goods, making production in the country less competitive.”
      Former British member of parliament and business secretary Sir Vincent Cable outlined how bad this decision looks for Vauxhall in a recent interview on BBC Radio 4.
      There could be a way that the British Government could at least stall the possible closures. Back in October, the British Government worked out a secret deal with Nissan to keep them investing in British car production at their plant in Sunderland. This deal caused an uproar as the details were kept as many believed the British Government would be handing over money to keep Nissan happy. But sources told British newspaper The Independent back in January that the deal had no mention of money.
      It could be that the British Government could do something similar for PSA Group to keep jobs, but it is too early to say if this will happen or not.
      2: Will this affect PSA’s plans of entering the U.S.?
      Probably not. Let’s remember that PSA Group is working through a ten-year plan that may or may not see the return of the Citroen and Peugeot, along with the introduction of DS to the country. Already, the first part of this plan is gearing up for the launch of a car sharing service next month. There is also extensive research going on into the U.S. marketplace. 
      But could there be a possibility of Opel or Vauxhall vehicles being sold here? It would not be surprising if there isn’t talk about this at PSA Group’s HQ. But there is a slight complication to this idea. As part of the sale, PSA Group cannot sell any Opel vehicles developed by GM anywhere in various markets outside of Europe (China and U.S. for example) until they transition to PSA platforms. That means a number of models such as the Astra, Insignia, and Mokka are out of the question for the time being. If Opel was chosen to be one of the brands PSA would sell in the U.S., they might not have a full line of vehicles to sell due to this clause.
      3: What does the future hold for Buick and Holden?
      If there are some losers from the sale of Opel, it has to Buick and Holden. Buick has found some success with Opel products as the Encore (rebadged Mokka) has become one the best-selling models for the brand. Holden is getting a shot in the arm as the Astra will hopefully help their fortunes in the compact space, and the new Commodore (rebadged Insignia) has a tough task ahead of it with living up to an iconic name. For the time being, Opel will continue supplying models to both brands. It is what happens in the future that many are concerned about.
      During the Geneva Motor Show, GM President Dan Ammann said something very interest to Australian journalists about the future of Holden’s products.
      This makes sense as the Astra was only launched and the Commodore is getting ready to go on sale. But I wouldn’t be surprised if talks begin very soon about this very topic. The same talks are likely to begin at Buick soon where they face the same issue for the Regal and Encore. Our hunch is Buick might have the easier time of two. The Encore would continue on since it shares the same platform as the Chevrolet Trax. As for the Regal, it could leave Buick’s lineup once the next-generation model runs its course.
      4: Does GM lose anything with this deal?
      There has been a lot of talk about how much money will be freed up from the sale of Opel/Vauxhall for GM, along with making a bit more profit. But it comes at a cost that could hurt GM down the road. The recent crop of compact and midsize sedans from GM owe a lot to Opel’s engineering knowledge. Vehicles that excel in driving dynamics and fuel economy are worth their weight in gold when it comes to the European marketplace. As we know, one part of why GM went into bankruptcy was the lack of competitive small and midsize cars that got good fuel economy. Opel would prove to be GM’s savior with this key knowledge.
      Right now, compacts and midsize sedans aren’t selling as consumers are directing their attention to crossovers and SUVs. This is due in part to lower gas prices. But sooner or later, the price of gas will go back up and cause many to go back to smaller vehicles. With talk about GM scaling back on their small and midsize car lineup, this decision could have consequences down the road. Plus with Opel out of the picture, GM doesn’t have someone it can rely on to get these models back to the forefront. We can hope GM’s North American office has learned some stuff when working with their European counterparts.

      View full article
    • By William Maley
      Holden was relying on Opel to help supply its upcoming lineup with models such as the Astra and Insignia rebadged as the Commodore. But with the sale of Opel and Vauxhall to PSA Group, the future of Holden's lineup hangs in the balance. But GM is still committed to the Australian brand and the sale of Opel should not have any impact in the near future according to GM president Dan Ammann.
      “What I want to emphasise is we are 100 per cent committed to the business in Australia and New Zealand, and we have a lot of exciting things in the pipeline. It’s going to be a really good period of time for the business down there,” said Ammann.
      "As a lot of you know there are a lot of people in the business at General Motors that have a lot of history and linkage to Holden and there's nothing we want to see more than seeing the business prosper down there. So we're really committed to making the business work down there."
      For the time being, Holden will be getting the Astra and Commodore from Opel as part of the deal between GM and PSA. Ammann did admit that decisions concerning long-term product plans for Holden are up in the air. 

      "So no specific decisions have been taken on that front. We have, I'd say as a result of yesterday's announcement, more not less opportunities going forward," said Ammann.

      "Clearly the current models that are just launching will run through their full lifecycle and what we do after that is yet to be determined."
      Source: CarAdvice , Drive.com.au, Wheels

      View full article
    • By William Maley
      Holden was relying on Opel to help supply its upcoming lineup with models such as the Astra and Insignia rebadged as the Commodore. But with the sale of Opel and Vauxhall to PSA Group, the future of Holden's lineup hangs in the balance. But GM is still committed to the Australian brand and the sale of Opel should not have any impact in the near future according to GM president Dan Ammann.
      “What I want to emphasise is we are 100 per cent committed to the business in Australia and New Zealand, and we have a lot of exciting things in the pipeline. It’s going to be a really good period of time for the business down there,” said Ammann.
      "As a lot of you know there are a lot of people in the business at General Motors that have a lot of history and linkage to Holden and there's nothing we want to see more than seeing the business prosper down there. So we're really committed to making the business work down there."
      For the time being, Holden will be getting the Astra and Commodore from Opel as part of the deal between GM and PSA. Ammann did admit that decisions concerning long-term product plans for Holden are up in the air. 

      "So no specific decisions have been taken on that front. We have, I'd say as a result of yesterday's announcement, more not less opportunities going forward," said Ammann.

      "Clearly the current models that are just launching will run through their full lifecycle and what we do after that is yet to be determined."
      Source: CarAdvice , Drive.com.au, Wheels
    • By William Maley
      It is now official. This morning, PSA Group has agreed to buy Opel and Vauxhall from General Motors for 2.2 billion euros (about $2.3 billion). The deal is comprised of a 1.8 billion euros ($1.9 billion) payment for Opel and Vauxhall, along with a stake in Opel's financing arm. This makes PSA Group the second-largest automaker in Europe.
      “It gives us the opportunity to become a real European champion. Our plan is to build a common future for Opel and Vauxhall and fix the existing issues,” said PSA Chief Executive Officer Carlos Tavares.
      Those existing issues include Opel and Vauxhall never breaking even for GM. Over the past two decades, Opel and Vauxhall have lost almost $20 billion. In 2016, the division was projected to break even, but the complications of Great Britain leaving the EU meant they posted a loss of $257 million.
      "The way I look at this is positioning Opel-Vauxhall to be incredibly successful in the future," said GM CEO Mary Barra when asked by a reporter if she was relieved about the sale of Opel and Vauxhall. 
      "General Motors doesn't have to be relieved. They can be proud of giving Opel-Vauxhall a better future," said Tavares.
      PSA Group is aiming to make Opel and Vauxhall profitable once again, with operating profit targets of 2 percent in 2020 and 6 percent by 2026. These targets will be reached by joint cost savings of 1.7 billion euros (about $1.8 billion) by spreading the costs of developing new vehicles and sharing purchasing costs.
      General Motors won't be fully cutting its ties with Opel and Vauxhall for the time being. GM has allowed PSA Group to license technology rights to keep selling current models (including the upcoming Insignia) until they transition onto PSA platforms. According to Reuters, the next-generation Opel/Vauxhall Corsa will be the first PSA developed model. GM will also collaborate with PSA on various projects such as hydrogen fuel cells. Finally, GM will pay PSA 3 billion euros ($3.18 billion) to settle transferred pension obligations.
      But there are still a number of unanswered questions with this deal. The big one deals with job cuts and plant closures. With this deal, PSA group will add roughly 38,000 workers and 10 production facilities. Some analysts believe that PSA Group will close two to three plants within the next five years, with the possibility of those closures taking place in Great Britain due to Brexit. Taveres has said that the automaker would honor existing labor agreements and closing plants is a “simplistic” solution.
      “We don’t need to shut down plants,” said Tavares.
      Second is what will happen for Buick and Holden when models they share with Opel transition to PSA platforms. Both Buick and Holden will be getting the next-generation Insignia as the Regal and Commodore. Buick also gets the Opel Mokka to sell as the Encore, while Holden sells the Astra compact.
      Finally, there is the question about PSA Group's plans to re-enter the U.S. How does the purchase of Opel and Vauxhall affect their plans?
      Source: Bloomberg, Reuters, Automotive News (Subscription Required), General Motors, PSA Group
      Press Release is on Page 2


      Opel/Vauxhall to join PSA Group
      Establishes PSA Group as #2 in Europe. This strong and balanced presence in 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 – 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 €17.7 Bn in 20161, PSA will become the second-largest automotive company in Europe, with a 17% market share2.
      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.
      Advances GM’s Transformation and Unlocks Value
      “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 €1.7 Bn are expected by 2026 – of which a significant part is expected to be delivered by 2020, accelerating Opel/Vauxhall’s turnaround. Leveraging the successful partnership with GM, PSA expects Opel/Vauxhall to reach a recurring operating margin3 of 2% by 2020 and 6% by 2026, and to generate a positive operational free cash flow4 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 continued deployment 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.
      Additional Information
      Terms of the Agreement
      Opel/Vauxhall automotive operations will be acquired by PSA for €1.3 Bn. GM Financial’s European operations will be jointly acquired by PSA and BNP Paribas for 0.8 times their pro forma book value at the closing of the transaction, or approximately €0.9 Bn.
      The transaction has a total value of €2.2 Bn, for Opel/Vauxhall automotive operations and 100% of GM Financial’s European operations.
      The transaction value for PSA, including Opel/Vauxhall and 50% of GM Financial’s European operations, will be €1.8 Bn.
      In connection with this transaction, GM or its affiliates will subscribe warrants for €0.65 Bn. These warrants have a nine-year maturity and are exercisable at any time in whole or in part commencing 5 years after the issue date, with a strike price of €1. Based on a reference price of €17.34 for the PSA share5 , the warrants correspond to 39.7 MM shares of PSA, or 4.2% of its fully diluted share capital6. GM will not have governance or voting rights with respect to PSA and has agreed to sell the PSA shares received upon exercise of the warrants within 35 days after exercise.
      The transaction includes all of Opel/Vauxhall’s automotive operations, comprising Opel and Vauxhall brands, six assembly and five component-manufacturing facilities, one engineering center (Rüsselsheim) and approximately 40,000 employees. GM will retain the engineering center in Torino, Italy.
      Opel/Vauxhall will also continue to benefit from intellectual property licenses from GM until its vehicles progressively convert to PSA platforms over the coming years.
      In connection with the transaction, GM will take a primarily non-cash special charge of $4.0-4.5 Bn.
      Ongoing Pension Fund Commitments
      All of Opel/Vauxhall’s European and U.K. pension plans, funded and unfunded, with the exception of the German Actives Plan and selected smaller plans will remain with GM. The obligations with respect to the German Actives Plan and these smaller plans of Opel/Vauxhall will be transferred to PSA. GM will pay PSA €3.0 Bn for full settlement of transferred pension obligations.
      Closing Conditions
      The transaction is subject to various closing conditions, including regulatory approvals and reorganizations, and is expected to close before the end of 2017.
      Warrants
      The issuance of the warrants is subject to the vote of shareholders at PSA’s General Meeting of May 10th, 2017. The three main shareholders of PSA (the French State, the Peugeot family and DongFeng) representing in aggregate 36.6% of the share capital and 51.5%7 of the voting rights of PSA have undertaken to vote in favor of the resolution related to the issuance of the warrants to GM. In the event the warrant issuance reserved to GM and its affiliates is not approved by PSA’s General Meeting, PSA will settle the €0.65 Bn in cash over five years.

      View full article
  • Recent Status Updates

  • Who's Online (See full list)