Plenty of GM news: Sale of Saturn, management shakeup, Delphi buyout

This morning, The Wall Street Journal (subscription required) reported that General Motors (OTC: GMGMQ) has reached a preliminary deal to sell its Saturn distribution network to Penske Automotive Group. Penske is the second-ranked U.S. dealership group.

The Journal says that Penske will take over the brands, trademarks, service and parts operations, as well as the distribution operations related to the Saturn brand. The report also notes that Penske will make deals with other auto makers (one possibility is Renault SA) to purchase vehicles that will fill out the Saturn portfolio.

In addition, the Journal is reporting that GM has agreed to finance a private-equity firm's buyout of Delphi Corp. Reportedly, GM will provide more than $2.5 billion of the $3.6 billion needed for Platinum Equity to purchase the parts manufacturer.

Finally, the Journal is reporting that GM may shake up its management. CEO Frederick Henderson reportedly theorized that he may change some or all of the company's senior management. Henderson stated, "We have changes ahead," in response to a question about the magnitude of the change, but he would not provide any specifics, noting the need for more time to finalize the changes.

The news is coming fast and furious as far as GM is concerned. Watch for this to continue as there is a lot of work to be done to get the company out of bankruptcy. Let's see what kind of magic can be worked, if any.
Get the latest on cars and trucks
from GM and all brands at AOL Autos.

Reader Comments (Page 5 of 5)

Symbol Lookup
IndexesChangePrice
DJIA-6.6612,496.15
NASDAQ+11.042,850.12
S&P 500+2.231,318.86

Last updated: May 23, 2012: 08:01 PM

Hot Stocks

General Electric

19.180.00(0.00)

Alcoa

8.61+0.12(+1.41)

Apple Inc

570.56+13.59(+2.44)

Google Inc 'A'

609.46+8.66(+1.44)

Bank of America

7.17+0.19(+2.72)

Wal-Mart Stores

64.58+0.85(+1.33)

Exxon Mobil Corp

82.04+0.09(+0.11)

Ford

10.41+0.22(+2.16)

Citigroup

27.15+0.23(+0.85)

IBM

196.12-0.70(-0.36)

Yahoo

15.38+0.09(+0.59)

Starbucks

55.29+1.92(+3.60)

Microsoft

29.11-0.65(-2.18)

Home Depot

48.74+0.48(+0.99)

Learn More About GM Cars

General Motors Brands:
Find Your Next Car

AOL Autos New Cars and Used Cars

DailyFinance Headlines

Benzinga Headlines

TheFlyOnTheWall.com Headlines

BioHealth Investor Headlines

WalletPop Headlines

DailyFinance BlackBerry App

My Portfolios

Track your stocks here!

Find out why more people track their portfolios on AOL Money & Finance then anywhere else.

BloggingStocks Partners

More from AOL Money & Finance

BioHealth Investor Headlines

Page Loaded in 1337817700743 ms.