General Motors exits Europe biz after 90 yrs with Opel deal
General Motors on Monday entered a deal with PSA Group, the maker of Peugeot, to sell its European car brands Opel and Vauxhall. GM, which owned Opel for almost 90 years, decided to sell it after losses amounted to $9 billion since 2009. The deal gives PSA 16% of the European auto market, putting it behind only Volkswagen's 24%.