Penske Buying Saturn.....Interesting

[econ expat]

This newly updated story in Yahoo says that Penske Automotive still owns Detroit Diesel. Some other excerpts:

Penske told reporters that he expects to offer all the dealers new franchise agreements and will retain all 13,000 Saturn employees for the immediate term.

Penske Automotive Group also distributes Daimler AG's Smart subcompacts in the U.S., but Smart has its own dealership network and Saturn dealers will continue to exclusively distribute Saturn vehicles, Penske said.

Initially, GM will continue to make cars for Saturn for two years, Penske said. But he also said he is in talks with manufacturers around the world about building Saturn cars in the future.

http://news.yahoo.com/s/ap/us_gm_saturn_penske

I saw the same story and wondered if my memory was incorrect or I missed reading of a failed sale/ merger.
Yahoo made the same mistake , didn't check research, So much for internet news stories....

Here's Detroit Diesel site with a timeline about development and ownership:
http://www.detroitdiesel.com/about/history.aspx

And Penske Corp website does not list Detroit Diesel amongst the subsidiaries:
http://www.detroitdiesel.com/about/history.aspx