GM to shut down Saturn brand

General Motors said Wednesday it will shut down its Saturn brand, after negotiations with potential buyer Penske Automotive Group (PAG) collapsed.

Penske, which owns more than 300 auto dealerships around the world, pulled out of the talks when it couldn't strike a deal with another manufacturer to build Saturn cars, it said in a statement. That doomed the 25-year-old marque to join Pontiac among the brands that haven't survived GM's restructuring.