"This is very disappointing news and comes after months of hard work by hundreds of dedicated employees and Saturn retailers who tried to make the new Saturn a reality," says GM's CEO Fritz Henderson, in a statement. "PAG's announcement explained that their decision was not based on interactions with GM or Saturn retailers."
According to reports Penske stopped pursuing the deal when a contract fell through with another manufacturer to produce the Saturn vehicles after GM ceased to do so. The other manufacturer was not released.
"Without that agreement, the company has determined that the risks and uncertainties related to the availability of future products prohibit the company from moving forward with this transaction," a Penske spokesperson says in a statement.
As GlobeSt.com reported in June, just days after GM filed for Chapter 11 bankruptcy protection, Penske and GM entered into a sale agreement for the Saturn brand.
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