PSA reaches deal to buy Opel from GM, wins board approval: source

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Logos of German car maker Opel are seen on banners at a dealership in Nice, France, February 23, 2017. REUTERS/Eric Gaillard (Copyright Reuters 2017)

French carmaker PSA Group reached an agreement with General Motors to buy the U.S. carmaker's loss-making Opel division and won the support of its own board for the deal on Friday, a source familiar with the matter told Reuters.

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The Paris-based maker of Peugeot and Citroen cars plans to announce the acquisition early on Monday, the source said. A company spokesman declined to comment.

(Reporting by Laurence Frost and Gilles Guillaume; editing by Andrew Callus)