EU approves PSA's acquisition of Opel from General Motors

BRUSSELS (AP) - The European Union has approved French automaker PSA's acquisition of Opel and British brand Vauxhall from General Motors.

The EU's executive Commission said Wednesday that it has given unconditional approval to the deal. It said it "concluded that the transaction would raise no competition concerns in the relevant markets."

After losing money in Europe for years, GM announced in March that it would sell Germany-based Opel and sister brand Vauxhall to PSA in a deal worth 2.2 billion euros ($2.5 billion).

The acquisition will make PSA the No. 2 European automaker after Germany's Volkswagen.