Peugeot poised to buy GM's Opel, creating European car giant

By acquiring Opel, PSA Group will become Europe's second-ranked car maker after Volkswagen

France’s PSA Group is set to announce a deal to buy Opel from General Motors on Monday after striking an agreement with the US car maker and winning the blessing of its board for the acquisition.

The maker of Peugeot, Citroen and DS cars said on Saturday it would hold an early Monday press conference with GM, at which the transaction is expected to be presented after Reuters reported that a deal had been struck between the two automakers.

By acquiring Opel, the French group will leapfrog rival Renault to become Europe’s second-ranked car maker after Volkswagen by market share.