FRANKFURT, March 6 (Reuters) - Following is a chronology of
Opel's history and its sale to Peugeot:
1863: Adam Opel sets up a sewing machine workshop in the western
German town of Russelsheim. He later makes bicycles as well.
1899: Opel's sons, who take over the business, build their first
1903: Vauxhall builds its first car.
1925: General Motors (GM) buys Vauxhall.
1928: Opel claims top spot as Germany's biggest carmaker, with a
market share of 38 percent.
1929: GM buys Opel.
1962: The company builds a factory in Bochum and, later, plants
in Kaiserslautern and Eisenach.
1999: GM Europe makes a profit.
2004: GM announces plans to cut 12,000 jobs in Europe, of which
about 6,000 are at Opel.
Nov 2008: GM faces a liquidity squeeze. Opel asks Germany for
state loan guarantees.
Dec 2008: Germany says it is looking at various options to help
Feb 2009: GM presents a restructuring plan to the U.S.
government, puts its Swedish carmaker Saab up for sale and
announces $1.2 billion of cost cuts in Europe.
June 2009: GM files for bankruptcy.
July 2009: GM emerges from bankruptcy, majority owned by the
Sept 2009: GM agrees to the sale of a 55 percent stake in Opel
to a group led by Canada's Magna International Inc.
Nov 3, 2009: GM reverses the sale decision and instead says it
will keep control of Opel.
Feb 9, 2010: Opel asks Germany for 1.5 billion euros in state
aid to fund restructuring, 4,000 job cuts.
March 2, 2010: GM says it will triple its funding of Opel to 1.9
billion euros in equity and loans and cuts its request for state
March 12, 2010: Britain says it will provide a 270 million pound
loan guarantee to help safeguard the company's Vauxhall
operations in Britain.
Apr 30, 2010: GM says it will close a factory in Antwerp,
Belgium, by the end of 2010 with 400 million euros for
2012: Opel presents a 10-year turnaround plan to introduce 23
new or revised vehicles, with 13 new engines, by 2016.
Feb 2012: GM takes a 7 percent stake in Peugeot after the
companies announce an alliance, promising eventual savings of $1
Oct 31, 2012: GM Europe outlines a target to achieve break-even
EBIT-adjusted results by mid-decade through a focus on growth
and cost efficiencies.
Dec 2012: GM decides to close Bochum. The last car comes off the
production line on Dec. 6, 2014 with closure costs of at least
Apr 10, 2013: GM pledges to invest 4 billion euros to fund 23
new cars and 13 new engines at Opel by 2016.
Oct 2013: Peugeot-maker PSA and GM say they are scaling back
March 2013: Karl-Thomas Neumann appointed chairman of the board
of Adam Opel AG and president, Europe.
Dec 5, 2013: GM says it will drop the Chevrolet brand in Europe
by the end of 2015 and focus its efforts on reviving Opel and
Dec 10, 2013: GM announces that company veteran Mary Barra will
become CEO in January 2014, while installing former investment
banker and CFO Dan Ammann as president.
Feb 19, 2014: The French state and China's Dongfeng each take 14
percent stakes in PSA in a 3 billion euro capital increase. The
Peugeot family sees its 25.4 percent stake and 38 percent of
voting rights diluted to parity with Dongfeng and the French
state, ceding control of the company it founded in 1810 as a
maker of tools and coffee mills.
June 4, 2014: Opel updates its turnaround plan, pledges to reach
a European market share of 8 percent, and an EBIT margin of 5
percent by 2022, by launching 27 new models and 17 new engines
between 2014 and 2018.
March 9, 2015: GM says it will buy back $5 billion worth of
shares and distribute another $5 billion in dividends to
shareholders by the end of 2016, and vows to generate 20 percent
or better returns on cash invested in new vehicles, advanced
technology and other capital projects.
March 18, 2015: GM says it will shut a Russian factory and wind
down its Opel brand in the country, taking a $600 million
June 9, 2015: GM CEO Mary Barra says Fiat Chrysler Automobiles
NV CEO Sergio Marchionne sent an email proposing a
potential merger, and that GM's board gave "strong support" to
her strategy of going it alone.
Sept 15, 2015: GM CEO Mary Barra reiterates a tie-up with Fiat
Chrysler is not in her shareholders' best interest and the U.S.
carmaker has the scale to pursue its investments in new
technologies on its own.
Jan 4, 2016: GM announces a $500 million investment in ride
hailing firm Lyft Inc and lays out plans to develop an on-demand
network of self-driving cars with the ride-sharing service.
Jan 13, 2016: GM raises its profit outlook and says it will
return cash to shareholders by raising its stock buyback
programme by 80 percent to $9 billion and increasing its
dividend by 6 percent.
Jan 21, 2016: GM says it is creating a car-sharing brand, Maven,
to expand the market for vehicles consumers borrow rather than
Feb 24, 2016: PSA Group says it will consider paying a dividend
for 2016 after reaching its medium-term targets ahead of
schedule, helped by cost cuts.
March 11, 2016: GM buys Cruise Automation, a San Francisco
self-driving vehicle startup.
July 2016: GM says it may need to cut costs in Europe to offset
up to $400 million of potential headwinds triggered by Britain's
Jan 10, 2017: GM says it expects earnings for 2016 at the high
end of its previous forecast and that profits will rise in 2017.
Jan 29, 2017: GM presents a new strategy to double the lifespan
of vehicle platforms and increase capital spending to about $9
billion a year through 2019, up from $7 billion a year in 2014.
Feb 7, 2017: GM's 2016 full-year results reveal Europe had made
a $300 million euros adjusted EBIT loss.
Feb 14, 2017: Reuters reports GM is exploring a sale of Opel to
Feb 14, 2017: PSA and GM confirm they are exploring numerous
strategic initiatives aimed at improving profitability and
operational efficiency, including a potential acquisition of
Opel Vauxhall by PSA.
Feb 15, 2017: PSA says it will despatch CEO Carlos Tavares to
meet German labour and political leaders likely to include
Chancellor Angela Merkel, as his GM counterpart Mary Barra
visits Opel headquarters near Frankfurt.
Feb 17, 2017: Germany's Economy Minister says she expects PSA's
proposed acquisition of Opel to go ahead after hearing
reassurances about preserving jobs in discussions with senior
executives from GM and PSA.
Feb 23, 2017: PSA announces its first dividend in six years and
raises its medium-term profitability goal after full-year profit
March 6, 2017: GM and PSA say GM's Opel/Vauxhall subsidiary and
GM Financial's European operations will join the PSA Group in a
transaction valuing these activities at 1.3 billion euros and
0.9 billion euros, respectively.
(Reporting by Edward Taylor; Editing by Biju Dwarakanath and