Penske Corp. and Mitsui & Co. have made a major move in their long-standing partnership, offering a staggering $3.8 billion to acquire the remaining shares of Penske Automotive Group Inc. that they don't already own. The proposed deal would give the companies a complete hold on the business, solidifying their partnership and potentially paving the way for future expansion and growth. With a combined stake of over 75%, the acquisition would not only boost the companies' control but also create a dominant player in the automotive retail sector. The proposed price tag of $3.8 billion reflects the companies' confidence in the value of Penske Automotive Group Inc. and its potential for long-term success.
Penske Corp. and Mitsui & Co. on July 22 offered $3.8 billion to buy the approximately 28 percent of Penske Automotive Group Inc. stock they don’t own.
