Schoenherr has advised PSA Peugeot Citroen SA on its acquisition of General Motors' Opel Austrian subsidiary and Opel manufacturing site in Vienna. Cleary Gottlieb Steen & Hamilton advised General Motors on the deal.
The transaction, which was part of a EUR 2.2 billion takeover by Groupe PSA, was completed on August 1, 2017 after approval was received from regulatory authorities including the EU antitrust authorities.
Schoenherr reports that "the acquisition of Adam Opel AG and its subsidiary Vauxhall Motors Limited will result in Groupe PSA becoming the second-largest automotive company in Europe, with a 17% market share. The Opel manufacturing site in Vienna has around 1600 employees and annual revenue of around EUR 300 million. Opel has had a factory in Vienna for over 35 years where it manufactures engines and high-tech parts for automobiles for export."
Schoenherr acted alongside lead counsel Bredin Prat, Paris and advised Groupe PSA on all corporate and other legal aspects of the Austrian part of the overall PSA/GM transaction relating to Opel and supported in the closing of the transaction. The firm's team was led by Partner Christian Herbst, supported by Partner Stefan Kuhteub, Counsel Maximilian Lang; Associates Alexander Mazevski and Karin Pusch, and Attorney Mario Perl.