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GM-Penske Deal Collapses

Oct 01, 2009 (MarketNewsVideo.com via COMTEX) -- By MarketNewsVideo.com

Company: Pacific Gulf Properties Inc. (PAG)

Dramatic news last night in the auto industry has the market buzzing.

General Motors said it will simply shut down its Saturn brand after the deal with Penske (PAG) collapsed.

Penske backed out of the deal after failing to find a manufacturer for the vehicles. GM had agreed to produce Saturn models for Penske only through 2011, and the board of directors of another potential producer declined to make the cars.

The deal, for which terms were not disclosed, was supposed to have closed yesterday. GM said the Saturn brand and its dealerships will be phased out, leaving the 13,000 employees that Penske had promised to retain in the lurch.

The preceeding is a transcript of the MarketNewsVideo.com video published at: http://www.marketnewsvideo.com/?id=200910Penske100109&mv=1. 

http://www.marketnewsvideo.com/

Copyright (C) 2009 MarketNewsVideo.com. All rights reserved

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Company: Pacific Gulf Properties Inc. (PAG)


Related terms: manufacturer, video

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