Austria: Schoenherr advises French Groupe PSA on acquisition of General Motors' Austrian Opel automotive operation

The transaction, which was part of a EUR 2.2 bln takeover by Groupe PSA, was completed on 1 August 2017 after receiving approval from regulatory authorities including the EU antitrust authorities.

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 1.600 employees and annual revenue of around EUR 300m. 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 Schoenherr team was led by Christian Herbst (partner, corporate/m&a), who was supported by Maximilian Lang (counsel, corporate/m&a); Alexander Mazevski (associate, corporate/m&a); Stefan Kühteubl (partner, labour & employment); Karin Pusch (associate, labour & employment); and Mario Perl (attorney at law, tax).