France: PSA-Opel deal would be good news if jobs are saved

AP News
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Posted: Feb 22, 2017 1:45 PM

PARIS (AP) — France's finance minister says a possible PSA Group takeover of General Motors' German subsidiary Opel could help both companies if it doesn't lead to job cuts.

The potential move by PSA, maker of Peugeot and Citroen cars, could shake up Europe's auto market and companies that employ tens of thousands of workers.

French Finance Minister Michel Sapin, whose government helped bail out PSA and is an important shareholder, said Wednesday "it's an operation that could bring benefit to both sides, but on certain conditions. The main condition is that of jobs."

Sapin spoke after talks with German Finance Minister Wolfgang Schaeuble. Germany's economy minister, Brigitte Zypries, is heading Thursday to Paris to discuss the possible deal.

Opel employs 19,000 people in Germany, where politicians are concerned about job losses in an election year.