Saturn Deal Collapses After Renault-Nissan Backs Out

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Tim Higgins from the Detroit Free Press: General Motors said today it would shut down Saturn after respected Detroit businessman Roger Penske shocked GM and 350 Saturn dealers by saying that his plans to buy the storied brand had fallen apart. The announcement came a day before GM and its dealers expected the deal to be finalized. The failure could cost as many as 13,000 jobs at dealerships nationwide and GM. Penske's plans for Saturn depended on securing another manufacturer to build future vehicles — a critical part of deal that fell apart when the board of directors for that unidentified automaker rejected the arrangement. That manufacturer was Renault-Nissan, a person close to the talks told the Free Press. "Renault has been in contact with Penske to supply cars, parts and technology to Saturn through an OEM agreement. The conditions for an agreement have not been found," a Renault spokeswoman, said in a statement. She declined further comment.

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