FanIQ News: Penske will NOT buy Saturn brand of GM

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9/30/09

Penske will NOT buy Saturn brand of GM

Dead before it was born - Penske backs out of Saturn Deal

NASCAR, Penske Racing

submitted by

JrCanuckFan

more posts by author

Read Article: (news.lalate.com)

I apologize for the number of ads in this link - the news was announced on SIRIUS Radio this afternoon, but I was unable to find it on another website - that is, other than this one.

It seems Mr. Penske became concerned when there was no guarantee of an availabilty of supplies beyond those that are in existence at the time of purchase.

The deal was expected to close within days, but without product and supplies available for future sales, Penske would be effectivly purchasing a dead end.

Not a smart move to make the purchase, but a smart move to pull out of it before it was too late

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10/6/09

KatsMeow

3	Continue to be smart in all of your affairs, Mr. Penske! Smart move!

9/30/09

JrCanuckFan

Information is sooooo sketchy right now on exactly what was going on with the Saturn brand while this negotiation was underway, but my understanding of it is that they already were out of jobs. I'm not American, so the information I get up here about plants is limited, but were the Saturn plants not already shut down? IF that's the case, Penske was buying cars that were already made, but no capabilty for new cars without re-opening plants, hiring new workers that would need training - basically starting from scratch. I don't know it that was the reasoning behind the pull out or if it was something else - I'm still searching for more info.

9/30/09

JrCanuckFan

2	Yeah, exactly what I had found as well, and we posted back when Penske first made the offer - obviously something when sideways, and I'm not sure what. The availabe info from today's news is almost conspicuous by it's vagueness.