Penske Automotive Group said on Wednesday it has terminated discussions with General Motors Co to acquire the automaker's Saturn brand.

GM said in a separate statement it would wind down the Saturn brand and its dealership network.

Penske, which reached a preliminary deal to buy Saturn in June, said it broke off the talks due to concerns that it might be unable to source vehicles beyond the supply period it had negotiated with GM.

GM, which emerged from bankruptcy in July, had said it aimed to finalize the agreement with Penske in the third quarter -- a deal it had said could preserve more than 350 dealerships and 13,000 jobs.

Penske said it had negotiated an agreement to source vehicles from another manufacturer, but the deal was rejected by the other automaker's board of directors.

Without that agreement, the company has determined that the risks and uncertainties related to the availability of future products prohibit the company from moving forward with this transaction, Penske said in a statement.

(Reporting by Soyoung Kim, editing by Leslie Gevirtz)