Reports are coming out of Paris that PSA Group’s board of directors has approved its planned acquisition of Opel from General Motors. The reports alleged that the PSA board met Friday and authorized managed to finish the deal, according to Reuters.
PSA Group, the parent company of brands Peugeot and Citroen, plans to formally announce the deal early on Monday. Thus far both PSA Group and General Motors are declining to comment on the matter, but it is known that Opel has scheduled a town hall meeting with employees slated for 9:45 a.m. Monday.
General Motors and PSA Group have been in strategic discussions for some time regarding the potential acquisition of their money-loosing Opel division. Both automakers confirmed the talks last month and have remained fairly mum on the subject as talks have allegedly advanced.