Penske Automotive Walks Away From Saturn Deal, GM Kills Brand (PAG)
Thu. October 01, 2009; Posted: 08:32 AM
Oct 01, 2009 (SmarTrend(R) News Watch via COMTEX) --
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PowerRating -- 10/1/2009 - Penske Automotive Group (NYSE:PAG) said Wednesday that it will not buy General Motors' Saturn brand, deserting a tentative agreement reached in June as an unidentified manufacturer declined to make more of the vehicles, according to an AP report. GM said shortly after that it would stop making the vehicles and close the brand, as it did with Oldsmobile and is soon to do with Pontiac. The announcement sends 350 of the remaining Saturn dealers looking for ways to continue and preserve roughly 13,000 jobs. Shares of Penske are down 6.7% in premarket trading.
Write to Chip Brian at cbrian@tradethetrend.com
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