Peugeot Boss Has 'constructive' Vauxhall Talk With Union
Umer Jamshaid Published February 24, 2017 | 07:10 PM
LONDON, , (UrduPoint / Pakistan Point News - 24th Feb, 2017 ) - French carmaker PSA's boss Carlos Tavares, pushing plans to buy General Motors' European brands Opel and Vauxhall, had a "constructive" talk Friday with the head of Britain's biggest trade union about the project, the union said.
Len McCluskey, head of the Unite union, said the London meeting was "relatively positive" and the two sides had agreed to "engage constructively" in future. "Mr Tavares gave assurances that current production commitments would be met should the takeover with PSA go ahead," McCluskey said in a statement.
The planned takeover by PSA, which owns the Peugeot and Citroen brands, was unveiled last week but has sparked fears in both Germany and Britain that the prospective new owner could cut non-French jobs.
PSA has been active in trying to win backing for the acquisition, with chief executive Tavares on Wednesday securing the support of Germany's Chancellor Angela Merkel and also holding a phone conversation with British Prime Minister Theresa May.
PSA said after Friday's talks that Tavares had "repeated his commitment to dialogue under existing agreements and the PSA group's ethical approach".
Tavares said he wanted to develop the "iconic" brand as "part of Britain's automobile sector heritage".
Vauxhall employs around 5,000 people in Britain. Britain's plans to quit the European Union have created uncertainty across the business world, particularly in the car sector which is dependent on imports and exports with the European Union.
Opel operates some 10 factories in Europe spread across six countries, and had 35,600 employees at the end of 2015 -- 18,250 of them in Germany. Founded in 1862, Opel, with its lightning-bolt emblem, has long been a familiar sight on German and European roads.
But in recent years the firm has booked repeated losses, costing Detroit-based GM around $15 billion (14 billion Euros) since 2000. A sharp fall in the pound since Britain's vote to quit the EU last June sank Opel's hopes of getting back into the black in 2016, and it ended up reporting a loss of $257 million.
Britain, where it sells vehicles under the Vauxhall brand, is Opel's largest European market.
Related Topics
Recent Stories
One dies, 28 injured after passenger bus overturned
US Fed's favored inflation gauge ticks higher as fuel costs rise
IESCO notifies 2-day power suspension programme
Posters and logos exhibition held at SABS University
Ramazan Package enhanced from 7.5 billion to 12.5 billion rupees: Finance Minist ..
ICCI, CDA sign MoU for upgrading, maintaining public washrooms
Provincial minister attends solar product launch
Finance minister calls for fiscal discipline by reducing operational expenditure
Minister for Finance and Revenue Muhammad Aurangzeb holds meeting with SBP Gover ..
UHS declares MBBS first prof, MS urology exam results
Pakistan, Azerbaijan to enhance cooperation in IT and Telecom sector
Separate coaches to be hired for ODIs, Test and T20I formats
More Stories From Business
-
US Fed's favored inflation gauge ticks higher as fuel costs rise
3 minutes ago -
ICCI, CDA sign MoU for upgrading, maintaining public washrooms
5 minutes ago -
Prudent policies lead to sustainable economic recovery: Finance Ministry
1 hour ago -
Minister for Finance and Revenue Muhammad Aurangzeb holds meeting with SBP Governor
6 minutes ago -
Exchange rates for currency notes
2 hours ago -
PTC rebuts misleading tax loss figures, seeks fair market competition
3 hours ago
-
Economy commences on better note in 2024: Finance Minister
3 hours ago -
Gold rates up by Rs.3,800 to Rs.234,800 per tola
3 hours ago -
SACM directs authorities to find out solution to problems of miners, crush plants
4 hours ago -
Weekly inflation falls slightly
4 hours ago -
Uzbekistan's Ambassador, Pakistan’s Commerce minister forge path for enhanced economic ties
4 hours ago -
Finance Minister calls for reforming tax system to improve country's economy
4 hours ago