View Single Post
Old 06-04-2009, 05:11 PM   #1
l57
Member
l57 is on a distinguished road
 
Join Date: Jun 2009
Posts: 68
Default Penske deal could be 24hrs away

Robert Snell / The Detroit News

Detroit -- A group headed by Detroit auto tycoon Roger Penske is the likely buyer of the Saturn brand and dealer network, The Detroit News has learned. An announcement could be made within 24 hours.

Negotiations between General Motors Corp. and the Penske group could continue into the weekend before a memo of understanding is reached, according to a source familiar with negotiations.

GM would not confirm that a sale is imminent, nor that Penske is the likely buyer.

"Negotiations are literally going around the clock and we hope to have something to announce soon, but there is nothing to announce today," Saturn spokesman Steve Janisse said.

The Saturn negotiations involve pairing parties interested in Saturn's dealer network with one or more auto manufacturers interested in supplying vehicles that could be sold under the Saturn name.

Saturn had narrowed the list of potential bidders from about 12 to "two or three," according to a source familiar with the talks. At least one of the finalists is considering using Mitsubishi, and possibly others manufacturers, to provide vehicles, a source familiar with talks said.

GM hopes to conclude a deal by the end of the third quarter.

Penske has confirmed he is interested in acquiring Saturn's dealer network. Penske is the head of Bloomfield Hills-based Penske Automotive Group Inc., which operates more than 300 franchises in the United States and internationally, selling 40 brands. The billionaire Detroit booster also has exclusive U.S. distribution rights for the Smart minicar.

Penske could form a venture with Nissan, the Japanese affiliate of Renault SA, according to a source familiar with talks.

REWARD EXCELLENCE!

Add to l57's Reputation
Rate the quality of this post and help l57 reputation points. Click the reputation button near the bottom left corner of this message box. Thank you!
l57 is offline   Reply With Quote
SaturnFans.com Sponsored Links