Roger Penske’s ill-fated bid for General Motors Saturn brand cost the Penske Automotive Group Inc. $2 million, according to PAG’s latest quarterly financial report filed with the Securities and Exchange Commission.
Penske called off the bid for Saturn when he was unable to conclude a deal with the Renault-Nissan for future product. Penske’s bid to purchase vehicles from Renault’s South Korean subsidiary was vetoed by the Renault board at the last minute.
Overall, PAG reported it net income improved by 25% in the third quarter to $27.4 million or 30 cents per share per share, excluding the $1.9 million spent on the Saturn bid, PAG disclosed.
Oh well, what’s a couple million when he “loaned” Kwame Kilpatrick, (LOL) big bucks that haven’t been repaid. LOL Where’s the I.R.S. when you need them?
Tater: Finally auditing Bernie Madoff? (grin) Except it’s not funny…
I still believe ole’ Rog is looking for a way to resurrect the deal.
Well, Saturn is winding down, but isn’t dead yet. Apparently, the dealers balked at imported products as the whole point of Saturn was domestic. This is truly alchemy in reverse. GM has taken gold, and turned it into lead.