GM to Close Saturn as Sale to Penske Falls Through
Wednesday, September 30, 2009
General Motors says it will shut down Saturn unit after talks to sell it fell through.
Penske Automotive Group Inc. says it has ended talks with General Motors Corp. to acquire Saturn, citing concerns of whether GM could continue to supply vehicles.
In a statement Wednesday, the Bloomfield Hills, Mich.-based auto retailer says an agreement with another manufacturer to continue producing Saturn vehicles after GM stopped making them did not come to fruition, leading Penske to terminate talks with GM.
In June, GM and Penske agreed to take over the Saturn brand and related dealerships, although GM would produce the vehicle for a limited period of time.