According to a recent report, General Motors will buy a seven percent stake in PSA/Peugeot-Citroën as part of a rumored alliance.

New details are starting to emerge about a possible alliance between General Motors and PSA/Peugeot-Citroën.

Bloomberg is reporting an agreement could be announced as early as this week and GM will buy a 7 percent stake in the French automaker. However, there will reportedly be a condition that GM cannot purchase additional shares without PSA's approval.

If the alliance goes through, the two companies would likely co-develop engines, transmissions and platforms that would be used by Peugeot/Citroën and Opel/Vauxhall.

GM to buy 7 percent of PSA/Peugeot-Citroen - report