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3/6/2017 10:00 AM
PSA Group and BNP Paribas announce a long-term strategic partnership in automotive finance around the joint acquisition of Opel / Vauxhall’s financing activities

As part of the broader alliance announced today between PSA Group and GM’s Opel subsidiary, PSA and BNP Paribas have agreed to jointly acquire Opel / Vauxhall’s captive financing activities and have entered into a long-term strategic partnership around the Opel and Vauxhall brands.


Banque PSA Finance and BNP Paribas Personal Finance will each acquire 50% of the share capital of Opel / Vauxhall’s financing activities for a total of €0.9 Bn, representing a multiple of 0.8x the combined pro-forma Book Value of €1.2 Bn at year-end 2016. As per this partnership agreement, BNP Paribas will fully consolidate the entity.
Opel / Vauxhall’s financing operations cover 11 European countries, serving nearly 1,800 dealers and have outstanding earning assets of ca. €9.6 Bn at year-end 2016, of which ca. €5.8 Bn are financed by deposits or securitizations. Opel / Vauxhall’s financing operations offer a full range of automotive financing products, including consumer loans, leases, dealer financing and insurance products, with a constant focus on optimizing customer experience.
The operations will benefit from combined Banque PSA Finance’s and BNP Paribas Personal Finance’s expertise in automotive financing to better serve Opel and Vauxhall’s dealers and customers and support Opel and Vauxhall development. The transaction will be financed from existing resources of PSA and BNP Paribas and will have an impact of close to 10 bps on BNP Paribas Common Equity Tier 1 Ratio.
Both Boards of Directors unanimously approved this partnership agreement.


The transaction is expected to close in the fourth quarter of 2017 and is subject to customary anti-trust and other regulatory approvals.

“Opel / Vauxhall’s financing operations are critical to the development of the Opel and Vauxhall brands. We are proud to join our forces with BNP Paribas, a leading European banking partner, and are confident our complementary expertise will make this new partnership a success.” Carlos Tavares, Chairman of the Managing Board, said.
“This partnership represents a great opportunity to further grow BNP Paribas Personal Finance’s footprint on the attractive automotive financing business and is fully in line with our strategic goals for 2020. We have been a longstanding banking partner of PSA Group and are delighted with this value-enhancing partnership around Opel / Vauxhall. We will capitalize on our highly complementary capabilities to best serve Opel and Vauxhall’s dealers and customers and support the Opel and Vauxhall brands.” stated Jean-Laurent Bonnafé, Chief Executive Officer of BNP Paribas.

“We are very pleased with this new venture and warmly welcome the employees of Opel / Vauxhall’s financing activities within our partnership,” declared Laurent David, CEO of BNP Paribas Personal Finance together with Remy Bayle, CEO of Banque PSA Finance.

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3/6/2017 10:00 AM
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• 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, 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 €17.7 Bn in 2016 , PSA will become the second-largest automotive company in Europe, with a 17% market share .

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 margin  of 2% by 2020 and 6% by 2026, and to generate a positive operational free cash flow  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.

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2/10/2017 12:00 PM
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Mr, Madam,

As part of the Diesel Vehicle Emissions investigations, the French Ministry of Economy and Finance announced that the Ministry of Economy and Finance announced that the Directorate-General for Competition, Consumer Affairs and Fraud Control (DGCCRF) has finalized its investigations regarding PSA Group. They've decided to forward their conclusions to the Public Prosecutor.

Please find enclosed the press release from PSA Group with important clarification on this topic.

 Sincerely

Yannick Bézard

Purchasing EVP

Read here the press release

 

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12/7/2016 2:05 PM
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TAKING ON THE SUV MARKET

During an official presentation in early October, Carlos Tavares, Chairman of the PSA Group Managing Board, summarised PSA’s ambition for the new Peugeot 3008 as follows: “The Peugeot 3008 is a vehicle that will allow us to take back the European market and win customers worldwide”. The new SUV was made to stand out from the competition. Its cat-like design – apparent in the front and back of the vehicle, with taillights that look like claw marks – and its responsive, powerful driving performance represent a break with the previous model.

Seven candidates form the list of nominees for Car of the Year 2017 award after a first vote of the 58 Jury members. Peugeot 3008 is one of the finalists !

  • 4.45

    metres long

  • Range

    of engine power from 120 to 180 hp

  • 520-litre

    loading capacity

IT’S ALREADY A HIT

Elegance and attention to detail define the new Peugeot 3008. The dashboard features a high definition digital instrument panel with five different display settings to choose from. The six piano-like control buttons provide direct access to the radio, air conditioning, navigation assistance, vehicle settings, mobile phone and applications. Peugeot’s i-Cockpit concept gives the cockpit a modern feel and ensures optimum driver comfort.
On top of these features, it offers best-in-class handling and strikes the right balance between comfort and performance, making it a prime example of the brand’s expertise and reputation.

And the Peugeot 3008 is already a hit! As many as 1,360 orders were placed at the most recent Paris Motor Show and 24,000 have been recorded to date in Europe, including 15,000 in France alone. “Peugeot has sold three times more units than expected,” raved the management of the Sochaux plant.

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