Khodrocar - The PSA Group is seeking a refund of half of the money it paid to General Motors to purchase Opel and Vauxhall after discovering it was misled over Opel's emissions strategy, according to new reports.
The PSA Group paid 1.3 billion Euros (£1.15bn) to General Motors earlier this year to purchase Opel and it's UK sub-brand, Vauxhall, from the American car manufacturer. According to new reports, the PSA Group is now seeking between 600 and 800 million Euros (£705m) back from GM after it discovered Opel and Vauxhall cars pollute more than anticipated.
Earlier this month, the Group said it will have to move Opel models to its own, more fuel-efficient technologies quicker than anticipated after it found the cars pollute more than initially thought. Car makers will have to meet average fleet CO2 emissions of 95g/km by 2021, a significant drop from the current average of 130g/km CO2.
News agency Reuters is now reporting that sources close to the matter said the Group is intending to pursue a legal claim on the grounds that it was misled about Opel's emissions strategy.
GM spokesman, David Caldwell, told Reuters: "We are not aware of any claim submitted by PSA regarding future CO2 targets and we cannot speculate on issues that have not been raised with us."
*PSA takeover of Opel and Vauxhall completed
The PSA Group’s £1.15bn acquisition of Opel and Vauxhall from General Motors is now complete, and the enlarged PSA Group is now the second largest carmaker in Europe with a 17 per cent market share, trailing only the Volkswagen Group.
It brings to an end an 88-year association between the Opel and Vauxhall brands and GM, while new owner PSA has announced its intention to produce a ‘performance plan’ for its new marques, which will be presented to investors within the next 100 days.