Equities

Reuters reveals PSA seeking Opel refund from GM over CO2 emissions; market reacts

Reuters reveals PSA seeking Opel refund from GM over CO2 emissions; market reacts

Reuters exclusively reported that French carmaker PSA Group, which paid General Motors 1.3 billion euros for Opel, now wants about half of the money back after discovering the full extent of its CO2 emissions challenges and exposure to European fines. According to Reuters sources, the Peugeot maker has told GM it believes it is owed more than half a billion euros and intends to pursue a legal claim on the grounds that it was misled about Opel’s emissions strategy. Following the Reuters report, PSA shares fell 3.9 percent, while GM’s dropped 2.1 percent.