Penske Automotive Group Expected to Complete Saturn Acquisition this Quarter

Jon Yanca from Car & Driver: The completion of the sale is expected to close in the third quarter of this year, pending many conditions and approvals from the U.S. Treasury, which now holds a majority stake in GM. It has been rumored that Penske has been in talks with Renault Samsung Motors to import the Korean-built vehicles under the Saturn name. Already owning the sole distribution rights in the States to the teacup-sized Smart brand, it wouldn’t be shocking to see this rumor become reality. Ownership by a small, agile organization like Penske makes sense for Saturn, which always aimed to be a small, agile organization itself.

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GM President & CEO Fritz Henderson: Penske Discussions Terminated, Brand to be Shutdown

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General Motors Media Statement Attributed To President & CEO Fritz Henderson: Today we learned that Penske Automotive Group (PAG) has decided to terminate discussions with General Motors to acquire Saturn. This is very disappointing news and comes after months of hard work by hundreds of dedicated employees and Saturn retailers who tried to make the new Saturn a reality. PAG's announcement explained that their decision was not based on interactions with GM or Saturn retailers.