GM is also selling its European financial arm to PSA and French bank BNP Paribas (BNPQF). The agreement removes a financial headache for GM (GM) -- Germany's Opel and Britain's Vauxhall have lost $18 billion over the last 16 years. GM has 38,000 European employees, with more than 18,000 Opel workers in Germany and 4,300 Vauxhall employees in the U.K. Those savings are expected to reach €1.7 billion ($1.8 billion) a year by 2026, with a "significant part" delivered by 2020, they said. The U.S. automaker will, however, pay PSA €3 billion ($3.2 billion) to offload some smaller pension funds.

Source: CNN March 06, 2017 07:12 UTC