Penske Group Favorite to Take Over Saturn

After General Motors managed to get rid of Opel, the American automaker is now preparing to sell the Saturn brand, with Detroit-based Penske Group now favorite to snatch it. Details are still sketchy on this subject but a report by The Detroit News claims an announcement could be made within 24 hours or, more likely, over the weekend.

"Negotiations are literally going around the clock and we hope to have something to announce soon, but there is nothing to announce today," Saturn spokesman Steve Janisse said.

According to recent media reports, Penske Group could join forces with Nissan which could allow both Renault and its Japanese automaker to expand its coverage in the United States. Basically, both Renault and Nissan could take advantage of Saturn's domestic dealership network and bring their models closer to Americans.

And speaking of dealerships, the two potential partners already discussed on this subject and they are reportedly planning to reduce their count from 384 to 250. Still, there's nothing confirmed but a final decision is expected to be announced in the next few days as Saturn's fate is to be settled this week.

Another party involved in the negotiations is Telesto Ventures, the aforementioned source noted, which is comprised of Oklahoma City-based private equity firm Black Oak Partners LLC and several Saturn dealers.

Roger Penske is currently the owner of Bloomfield Hills-based Penske Automotive Group Inc. which is already presented in the United States though about 300 franchises. Worldwide, the company sells 40 brands and it is also the only company in the country that holds the rights to distribute smart models.