Developing Story: Penske Backs Out of Deal, General Motors to Close Saturn

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With negotiations expected to finalize tomorrow, Roger Penske shockingly announced to GM and the public today that he is backing out of the deal after failing to secure a manufacturer for the brand. For a couple of months now, Penske has been courting Renault-Nissan in an effort to outsource a model for the Saturn brand. While it looked promising that an agreement had been made, Roger Penske announce today that the "agreement was rejected by that manufacturer's board of directors. Without that agreement, the company has determined that the risks and uncertainties related to the availability of future products prohibit the company from moving forward with this transaction."

What will happen to Saturn now that Penske has backed out of the deal? GM announced today that it would shut down the brand.

Stay tuned to SaturnFans.com as the details continue to unfold.

Source: Detroit Free Press

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