General Motors issued a short statement announcing that it is proceeding to the next step with respect to the sale of Saturn.
A number of potential buyers have surfaced and expressed interest in the Saturn brand and retailer network. GM said it will be reviewing expressions of interest from the potential buyers and will look to secure an agreement with a specific buyer later this year.
Separately, Fiat said on Sunday that it was exploring the possibility of merging its auto business and interest in Chrysler with GM Europe to create a large automotive group with more than $100 billion.
The Detroit News reported that sources familiar with the negotiations say GM would have a stake in the new company grouping Fiat, Chrysler and GME operations if a deal were concluded. With annual sales of roughly 6 million cars and trucks, the group would be one of the top three or four in the world.
GM declined to comment on the prospects for a Fiat-GM Europe tie up.