Bloomberg reports that Magna International Inc., Canada’s largest auto-parts supplier, is in talks with General Motors Corp. about acquiring the Saturn brand as the automaker shrinks operations, people familiar with the discussions said.

Bloomberg states that other potential buyers are Penske Automotive Group, Inc and private-equity firm Black Oak Partners, Inc.

GM announced earlier this year that it plans to eliminate its Saab, Hummer and Saturn brands, and shrink the models offered under the Pontiac brand as part of a restructuring plan submitted to the federal government.

This entry was posted on Tuesday, May 19th, 2009 at 2:31 pm and is filed under Automobile industry, bailout, economy, recovery, stimulus. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.