GM Says Au Revoir to Europe – Wall Street Journal (subscription)
General Motors has decided, not for the first time, to exit Europe, selling the German Opel and British Vauxhall brands it has owned since the 1930s.
The buyer is PSA, parent of Peugeot, paying $2.2 billion. GM would be rid of a business that has lost $20 billion since 1999. PSA would be propelled to a more competitive scale in its home markets, especially in the U.K. In other words, the deal appears to be value-creating all around,…