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General Motors : UK pledges 'unbounded commitment' to Vauxhall

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02/21/2017 | 02:28am CET

London: UK Business Secretary Greg Clark pledged to do everything he can to protect General Motors Co's factories in Britain and tens of thousands of linked jobs if a proposed sale by the US automaker of its European operations proceeds. GM said last week that it's in talks to sell its Opel and Vauxhall-branded operations to Peugeot owner PSA Group, prompting a flurry of diplomatic activity as Clark first sought talks with GM, and then with PSA and the French government, which part-owns the French manufacturer. Yesterday, he told lawmakers in Parliament in London he'll meet PSA Chief Executive Officer Carlos Tavares later this week. "I will do everything I can at all times to secure the best possible future for Vauxhall and its workers," Clark said. "My personal commitment and the commitment of this government will be unbounded" to ensure future of Vauxhall's plants at Ellesmere Port, near Liverpool, and Luton, north of London. The proposed deal, spurred by GM's desire to shed a loss-making arm, raises questions about the future of the unit's factories in countries including the UK, Germany and Spain. Britain's vote to leave the European Union makes British operations even more vulnerable, because it raises the specter of tariffs as the country leaves the world's biggest trading bloc. "We want to negotiate the best possible access to the single market, free of tariffs and bureaucratic impediments," Clark said. Clark spoke on Thursday with French Industry Minister Christophe Sirugue and PSA Group board members, who he said had told him they "value the Vauxhall brand." "They also emphasized that their operational approach in recent years has not been to engage in plant closures, but to focus on continuous improvements in plant performance," Clark said. Earlier yesterday, Prime Minister Theresa May's office confirmed it's working to find a day she can meet with Tavares. "A meeting will happen," her spokesman, Greg Swift, told reporters in London. "What we have been clear on is our determination to see Britain's important automotive industry continue to flourish."

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Financials ($)
Sales 2017 165 443 M
EBIT 2017 10 985 M
Net income 2017 8 896 M
Finance 2017 10 249 M
Yield 2017 4,26%
P/E ratio 2017 6,36
P/E ratio 2018 6,13
EV / Sales 2017 0,28x
EV / Sales 2018 0,27x
Capitalization 55 754 M
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Mean consensus HOLD
Number of Analysts 22
Average target price 39,0 $
Spread / Average Target 4,8%
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Mary Teresa Barra Chairman & Chief Executive Officer
Daniel Ammann President
Charles K. Stevens Chief Financial Officer & Executive Vice President
Randall D. Mott Chief Information Officer & Senior Vice President
Patricia Fiorello Russo Independent Director
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