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

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.

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)