"This doesn't require them to sign an agreement," Steve Janisse, Saturn spokesman was quoted as saying by the aforementioned source. "It's just an informational piece talking about the terms of the sale and offering them an opportunity to transition to this new owner."
The spokesman said the letter comes a bit late due to the fact that Saturn has waited for a memorandum of understanding to be signed between GM and Penske. According to that memorandum, Saturn and Penske have two months to meet some requirements related to General Motor's bankruptcy process before the deal gets approved.
As Penske's dealership network is the exclusive distributor of Daimler's Smart, the company wanted to make it clear that the two branches of its business will not join forces and Saturn vehicles will not be distributed throughout Smart dealerships.
According to the terms of the proposed transaction, Penske would obtain the rights to the brand as well as certain other Saturn assets. GM would continue production, on a contract basis, of the Saturn Aura, Vue and Outlook.
So far, the price of the deal between GM and Penske over Saturn has not been disclosed but, according to sources quoted by Bloomberg, that amount is somewhere in between $100 and $200 million.
Google News