Opel and Vauxhall are officially part of Peugeot and Citroen Group (Groupe PSA), which acquired the brands from General Motors in a deal worth just over €2.2 billion (US$2.6 billion). The deal was stuck in March this year, but has just been finalized.

General Motors was clear in its reason for selling Opel and Vauxhall: it wasn't making enough money. PSA is obviously keen to change that, with plans to deliver an operating margin of 2 percent by 2020 and 6 percent by 2026.

Purchasing Opel pushes PSA's European market share up to 17 percent, making it the second largest carmaker behind VW. The deal improves economies of scale for PSA, too, worth an estimated €1.8 billion ($2 billion) across purchasing, manufacturing and R&D.

"We are witnessing the birth of a true European champion today," says Chairman of the PSA board, Carlos Tavares. "We will assist Opel and Vauxhall's return to profitability and aim to set new industry benchmarks together... Opel will remain German, Vauxhall will remain British."

Source: PSA Groupe