PARIS, March 6 (Reuters) - 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.
($1 = 0.9432 euros)
(Reporting by Laurence Frost; Editing by Sudip Kar-Gupta)