+ Publier publicitaire GRATUIT !
Stats d'annonce: Dernier 24h - 65, actuel - 1376, total - 81426

Peugeot's Opel deal shows shrewd engineering

7 Mars 2017 - Reuters

Tavares (centre) shakes hands with Mary Barra and Karl-Thomas Neumann, CEO Adam Opel AG

PSA Group’s 1.8 billion euro acquisition of General Motors’ European operations sets both companies on a path to swift value creation.

The French carmaker is paying a price so low it can soon expect a decent return. GM has taken out a sort of insurance against appearing to have sold out cheaply.

Opel and Vauxhall, the brands that PSA will now pick up, have been loss-making for 16 years in a row. There was a fairly straightforward reason: with market share of less than 7 percent, GM Europe was too small to be run efficiently. The American parent blocked Opel from selling outside of Europe, fearing competition for its other brands.

As a member of PSA Group, Opel will become part of Europe's second-largest carmaker with a market share of around 17 percent. PSA is free to sell future Opel models everywhere in the world. As a larger company, Peugeot will be able to negotiate better deals with suppliers and spread research and development costs over a larger number of vehicles. Peugeot boss Carlos Tavares expects to lift Opel's operating margin from less than zero to 2 percent by 2020.

True, Peugeot's recovery since 2014 has been better than that. Nonetheless, a 2 percent operating margin would be enough to make the deal financially viable for the French. Say the total acquisition price, factoring in perhaps 1 billion euros of integration costs by 2020, is 2.8 billion. Even if Opel's revenue of 17.7 billion euros doesn't grow at all, taxing the resulting 350 million euros of operating profit at 26 percent suggests a return on investment of around 9.4 percent - a whisker away from Peugeot's stated cost of capital. Sales growth, still-better margins, or any profit generated by the financial services division in which PSA is buying a 50 percent stake, would be a bonus.

GM boss Mary Barra, meanwhile, has made sure she can't be accused of handing the keys over too easily. More than a third of Peugeot's layout - 650 million euros - will be paid in warrants equivalent to 4.2 percent of the French carmaker's share capital. That also gives Tavares some leeway in case Opel proves less roadworthy than he hopes.

Nouvelles par Tags

2011 models2012 models3D printing458 italia6-series coupeA1A2abc motorsabu dhabiaccidentaccidentsaccordACIMacuraadvertisingafricaAIairbagairbagsairbusairportalcotestalfaalfa romeoalgeriaalpineamazonamphibiousandroidAnil Bachooappappleappointmentsappsarabiaargentinaarnold schwarzeneggerArtashok leylandasiaastonaston martinauctionaudiaustraliaaustriaautoauto shanghaiauto showautonomous carautonomus carAutopilotaventadorawardsAxessBagatellebahrain grand prixBAIBaie-du-TombeaubajajBangkok International Motor ShowBangkok Motor ShowBangladeshbatmobilebatterybattlebeachesBeau-BassinbeetleBeijing Motor ShowBelgiumbentleybernie ecclestonebetamaxbetamax casebicyclebicyclesbikebikesbiodieselbmwboatboatsBogota Auto ShowBois-Marchand accidentBologna Motor ShowbondboschBPObrabusbrakesbrazilbribebribesbridgestonebriobudgetbugattibuggybuickburnoutbusbusesbuyingbydcadillaccalebassescamaroCanadacarcar buying tipscar dealerscar importcar marketcar rentcar rentalcar salescar servicecar sharingcar theftcar washcarbon fiberCarPlaycarscartingCaudanCCIDCCTVCEBcelebretiescelebritiesCESChamp de MarsChamp-de-MarsChengdu Motor ShowcherychevroletChicago Auto ShowchinaCHINESE GRAND PRIXChris Evanschryslercitroencivicclassicclassic carsclassicscommercialcomparisonconceptconceptsconsumer reportsconvertiblecoromandelcorruptioncorvetteCourtCourtsCPBcr-vcrashcrash testcrash testscrossovercrowdfundingCubaCurepipecustom carCUVCWAdaciadaihatsudaimlerdakardartzdash camdashcamdatsunDelhi Auto ExpodesignDetroitDetroit Auto Showdieseldiesel scandalDIYDLCdodgeDPPdragdrag battledrag racedrag racingdriftdriftingdriverless cardrivingdriving licensedriving schooldriving schoolsdriving testdriving tipsdronedronesdrugsdrunk drivingdsDubaiDubai Motor ShowducatiearthquakeEbayebeneecoecologyeconomyelectricelon muskengen motor showengineenginesEOCethanoletios livaEUEuropeeveventsexpofacebookfakeFast And FuriousFernando AlonsoferrariferryfiatfiestafilmsfinancesfinefinlandFirefiskerfitness centerFlacqFlic-en-FlacFloodsflying carFootballForbach accidentforce indiafordformula1forza motorsportFrancefrankfurtfrankfurt motor showfraudFSCfuelfuel economy scandalfuel pricefuel stationfuel stationsfunnyfutureGaikindo Indonesia International Auto ShowGaikindo Indonesia International Motor ShowgamesgeargeelygenesisGeneva Auto Showgeneva motor showGermanygirlsgmgodzillagolfGoodlandsgoodwoodgooglegoogle glassGoProgovernmentgpsgran turismogrand tourgreat wallgreecegreengreen energygrnoGRSE accidentGTAGymkhanahackershakershamannharley-davidsonHatchbackhellcatherohistoryhitachiholdenHollandHollywoodhondaHong Konghorsepower falsifyinghospitalshot wheelshotelhotelshoverbikehoverboardhow toHuayrahummerhumorhurricanehybridhydrogenhyundaii3i40ICACiframacIIHSillegal racingIMCimportindiaIndian MotorcycleIndian OilindicaIndonesiaIndonesia International Motor Showindonesia motor showinfinitiInfinityinfrastructureinsuranceintelinteriorinteriorsiPadiphoneiranirelandIRPisraelisuzuitaliaItalyjaguarjamesjames bondJames Mayjapanjapaneese carsjapanese carjapanese carsjazzJDMjeepJeremy Clarksonjettakartkawasakikei carken blockKenyakhankiaKoenigseggkoreaKoshik ReesaulKTMLALA Auto ShowLa Vigielamborghinilancialandland cruiserland roverlawsleallegolexuslicenselight metroLionel Messilotuslow cost carLRTluxuryluxury carluxury carsm3mad maxMadagascarmahindramaintenancemalaysiamanmapsmarketmarketingmartinmarutimaruti suzukimaseratiMatt LeBlancMauritiansmauritiusmaybachmazdaMcLarenmecedesmercedesmetroMetro Expressmexicomichael schumacherMicrosoftMidlandsminimitsubishiMMMmonacomonaco grand prixMontebello accidentmontereymoparMoroccomotomotormotor showMotor vehicle test centremotorcyclemotorcyclesmotorsportmotorsportsmotosportmoviesmpvMRAmugenmuscle carMusicmustangmv agustaMVDANandanee Soornacknanonascarnavigation systemnavigation systemsNavin RamgoolamNCGNDUNepalnetherlandsnew carnew york auto shownew zealandnfsNHTSANigerianissanissannorwayNTANTCNurburgringoff-roadoffroadOlympic Gamesopelpaganipagani huayraPakistanPamplemoussespanasonicParisparis motor showparkingPebble Beachpenaltiespenalty pointsPetite-RivièrepeugeotPhilippinesPhoenixpickuppickupspininfarinapirelliPitonplayboyPNQpolandpolarispolicepoliticspollutionpontiacporscheporsheportPort LouisPort-LouisPPCPPPprankpricepricespriusproguardprotestsprotonPSApublic transportpublict transportQ3qorosquatre-bornesr8Raceracingrallyramrangerange roverratingsRDArecallrecallsrecordrecordsred bullreduitrenaultrenderingrent a carreplicaReunionRHTRiambelRichard DuvalRichard HammondrickshawrimacRing RoadrioRiviere-du-Rempartroadroad accidentroad rules & regulationsroad safetyRoad Traffic ActRoad Traffic Amendment Actroadsroads safetyrobotsRodriguesrolls-royceromeoRose-HillroverRoyal EnfieldRRSRSUrumoursRussiasaabsafetysafety ratingssafety testsafety testssalesamsungsamusao paulo auto showSao Paulo Motor Showsaudisaudi arabiascamscandalscaniaschool busscooterscootersseatsecond hand carssecond hand cars importself driving carself-drivingself-driving carself-driving carsSEMASEMA showSeoul Motor Showservice stationsShanghaishanghai motor showshelbyShellshowsingaporeskodaSlovakiasmartSobrinho caseSohail Sesungkursolar energysoreze accidentsoulsound systemssouthsouth africasouth koreaspainspare partsspeed camerasspeed limitspeedingsportSportscarspy shotsssang yongSsangYongstar warsstartupstatisticsSTCstreet racingstrikestudysubaruSudhir SesungkursudySunshine AutosupecarssupercarssurveySUVsuzukiSwedenswiftSwitzerlandTATaiwantakataTarisa Resorttatataxtax fraudtaxestaxiTBStechnlogytechnolgytechnologyTerre-RougeTerre-Rouge–Verdunteslatest driveteststhailandThailand International Motor ExpoThe Grand TourthefttipstiresTMRSUtokyoTokyo Auto Salontokyo motor showtoptop geartoyotatoystraffictrailertransformerstransporttrendstricksTriolettriumphtrucktruckstsunamituningTurkeytvstyresUAEuberUBSukukraineunionsuomuralUSused carused carsVacoasVacoas-Phoenixvanvarma casevehicle inspectionVehiclesvelostervenezuelaVictoria stationvideoVienna Auto ShowvietnamVintagevintage carsVipervivo energyvolkswagenvolvovwwheelsWorldyachtyamahayariszagato
Vendez Votre Auto