The French PSA Group, parent company of Peugeot/Citroen, has been negotiating with GM to purchase the loss-making European auto brand for several weeks.
Acquiring GM's Opel and Vauxhall brands would give PSA a 16.3% share of the European passenger auto market, vaulting it ahead of French rival Renault SA.
GM has been struggling to make money in Europe for years and almost sold a majority stake the unit in 2009.
At the time, the representatives of the companies have refused to explain why that happened, and it is possible that we will never grasp why Peugeot, Citroen, and Opel did not want to share the platforms of their mid-sized models and their subcompacts, on top of the deal for minivans and commercial vehicles.
The press conference will be on Monday at 0815 GMT, PSA and GM said, without specifying the subject.
Opel has a new owner.
State budget 'grand bargain' again on the ropes
Of course we can, we've been doing that for a month with the Senate Republicans. "But he's got to grow up and get this solved". RADOGNO: "If we don't get this moving by the 28th, we may as well just go home".
The article goes on, saying 2016 marks the 16 consecutive year of losses for GM's European devision, making GM's willingness to ditch the brand-over which it has held control for 90 years-not all too surprising.
But the "non-compete" issues were finally resolved as GM agreed to inject "substantially more" into the pensions than the $1 billion to $2 billion it had initially offered, another person said.
GM's European business has failed to book a profit since 1999.
For PSA, the Opel deal caps a stellar two-year recovery under cost-cutting CEO Carlos Tavares, who said on February 23 he would apply the same methods to Opel if the deal went through. Reuters says there were sticking points about $10 billion in Opel pension liabilities, and also about whether Opel-once under PSA ownership-would be allowed to compete against Chevy in China. There was also the matter of potential job losses, but PSA has made the promise to "respect the existing agreements".
PSA boss Carlos Tavares says buying Opel offers an "opportunity to create a European auto champion" and at the same time it will help the conglomerate sell more than five million cars each year.