Peugeot to Buy Opel as GM Withdraws From Europe
It wasn’t taking them anywhere. After a decade of losing money, General Motors has agreed to sell European subsidiaries Opel and Vauxhall to Peugeot SA for $2.3 billion. The world’s biggest carmaker hasn’t made money from its European business in close to two decades: It’s racked up $8 billion in losses in just the last seven years. But Peugeot, edging back from the brink of collapse in recent years, is hoping the deal will help it recover — even as unions fear a restructuring will mean job cuts.