Shearman & Sterling represented BofA Merrill Lynch and J.P. Morgan as joint bookrunning managers and representatives of the several underwriters in connection with Penske Corporation’s secondary public offering of 5,750,000 shares of Penske Automotive Group, Inc.’s common stock at $14.50 per share. Penske Automotive Group is the second largest automotive retailer headquartered in the U.S.

The Shearman & Sterling team advising the underwriters included: partners Michael J. Schiavone (New York-Capital Markets), Bernie J. Pistillo (New York-Tax), Jason R. Lehner (Toronto-Capital Markets) and Russell D. Sacks (New York-Asset Management); and associates Hae-Ran Song (New York-Capital Markets), Erica Tso (New York-Capital Markets), Oliver Loxley (New York-Capital Markets), Michael Blankenship (New York-Asset Management) and Shiu-Kay Hung (New York-Tax).