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Peugeot Reaches Deal to Buy European Brands From General Motors

  • Automakers send invite for joint Paris news conference Monday
  • Negotiations on final details of transaction are ongoing

PSA Group and General Motors Co. are set to announce on Monday the purchase of the Opel brand by the French company, creating the region’s second-largest automaker and allowing GM to exit the European market, according to people familiar with the matter.

The two carmakers, which sent an invitation for a joint press conference in Paris on Monday, have reached a framework agreement to complete the deal, according to people familiar with the matter, who asked not to be identified because negotiations are private. While final talks on remaining details of the transaction are ongoing, PSA’s board signed off on the transaction on Friday, the people said. Spokesmen for PSA and Opel declined to comment.