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Pension deficit at GM's British operations stands at up to 1 billion pounds -source

Reuters - UK Focus

LONDON, Feb 20 (Reuters) - The pensions deficit at General Motors' British division stands at up to 1 billion pounds ($1.25 billion), a source told Reuters on Monday, amid fears over the future of its Vauxhall plants as Peugeot (Paris: FR0000121501 - news) explores a European buyout.

Peugeot (Other OTC: PUGOF - news) is considering taking over GM (NYSE: GM - news) 's European divisions Vauxhall and Opel, prompting concerns among British trade unions over the future of GM's British plants following reports the French carmaker has pledged to continue production at all four German sites.

Many multinational companies, including Tata Steel (BSE: TATASTEEL.BO - news) recently, have had to deal with increased pension spending and it could be a factor which influences Peugeot in where to make any possible cuts following a deal being reached. (Reporting by Costas Pitas; editing by Stephen Addison)