PSA agrees to buy Opel from GM

PARIS/LONDON: France’s PSA Group struck a deal with General Motors to buy the US carmaker’s loss-making Opel division, two sources with knowledge of the matter said. The board of PSA, which makes Peugeot and Citroen cars, approved the deal on Friday, with an announcement planned for Monday, one of the people said. Spokespeople for PSA and Opel declined to comment. The two carmakers, which already share some production in an existing European alliance, confirmed last month they were negotiating an outright acquisition of Opel and its British Vauxhall brand by Paris-based PSA, sparking widespread concern over possible job cuts.  — Reuters