PSA, GM Poised to Complete Terms of Pact

CEO Dan Akerson says General Motors Co. expects to finalize an agreement for sharing purchasing with alliance partner PSA Peugeot Citroen no later than early November.

Akerson says a pact detailing joint product development projects could follow soon after.

The original deadline for the procurement deal was June 30. The delay has sparked rumors that the GM-PSA alliance is unraveling.

The companies agreed on the tie-up in February. In July they unveiled a plan for PSA to handle most of GM's logistics in Europe.