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GM sheds assets

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GM sheds assets

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After filing for bankruptcy the US car giant GM is seeking to shed some assets.

It is selling its Saturn unit to Penske Automotive Group Inc which operates car dealerships in North America and Britain. Penske is paying GM between 70 and a 140 million euros for Saturn. Detroit based GM which is re-organising itself in Chapter 11 bankruptcy is also selling Hummer to a Chinese company. It is dropping Pontiac altogether and cutting its ties to bankrupt Saab by next year.