Alex Kraus | Bloomberg | Getty Images
A Peugeot automobile sits in a parking lot outside the Opel automobile headquarters in Ruesselsheim, Germany, on Friday, Feb. 17, 2017.
PSA Group has agreed to buy European rival Opel from General Motors in a deal valuing the business at 2.2 billion euros ($2.3 billion), the companies said on Monday, creating a new
regional car giant to challenge market leader Volkswagen.
The maker of Peugeot and Citroen cars pledged to achieve 1.7 billion euros in cost savings from the acquisition by 2026 and lift the Opel business and its UK Vauxhall brand to a 6 percent operating margin in the same period.
