GM Announces Plans To Sell Saturn To Penske

Law360, New York (June 5, 2009, 12:00 AM EDT) -- General Motors Corp. announced plans Friday to sell its Saturn brand to Penske Automotive Group Inc., the country's second-largest automotive retailer, in a deal the automaker said has already received support from the U.S. Department of the Treasury.

Under the proposed agreement, Penske would assume ownership of the brand and certain Saturn assets, including the brand's parts inventory and rights to distribute vehicles and parts through Saturn's network of dealerships, the companies said.

The deal, which Penske and Saturn say they hope to finalize by the...
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