Koenigsegg has withdrawn its offer to buy Saab, GM has confirmed.
Details are scarce, but GM President and CEO, Fritz Henderson said: "We're obviously very disappointed with the decision to pull out of the Saab purchase.
Hilton Holloway blog - Saab faces oblivion
"Many have worked tirelessly over the past several months to create a sustainable plan for the future of Saab by selling the brand and its manufacturing interests to Koenigsegg Group AB.
"Given the sudden change in direction, we will take the next several days to assess the situation and will advise on the next steps next week."
Koenigsegg announced its decision in a statement.
"We regret that after six months of intense and goal-oriented work we have come to the painful and difficult conclusion that we are not going to be able to carry out the acquisition of Saab Automobile," the head of the company, Christian von Koenigsegg, said.
"The time factor has from the beginning been critical for our strategy to breathe new life into the company. Unfortunately, delays in completing the deal have led to risks and uncertainties that prevent us from successfully carrying out our business plan for Saab Automobile."
GM and Koenigsegg had announced a preliminary agreement over the sale of loss-making Saab in June, and spent the following months working on confirming the deal.
Earlier this year GM had indicated it would have to shut Saab down by the end of 2009 if it hadn't found a buyer for the company.
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Re: Koenigsegg 'won't buy Saab'
Being cynical, don’t readers think that it’s more than a little strange that when GM had their backs to the wall and asking Obama to bail them out, they want to sell off their European subsidiaries (Vauxhall/Opal and Saab)? The German, British and Swedish Governments invest ministerial time and are prepared to invest large sums of money securing the future of these car makers (and thereby jobs). Then with the world economic situation beginning to show early signs of improving, GM decides that they will not sell Vauxhall/Opal to Magna after all and now “delays in completing the deal” have led to Koenigsegg withdrawing from the deal to purchase Saab. .......................it stinks like Grimsby docks! I hope for the sakes of all the people employed by Vauxhall/Opal and Saab that these makes can be saved.
Re: Koenigsegg 'won't buy Saab'
Re: Koenigsegg 'won't buy Saab'
This news is so bad! i really hope saab does not go to the wall but unfortunately its looking that way! i had a look at the uk sales figures for saab on the smmt website and they are simply terrible! i fear the end is nigh for saab i really hope this doesnt happen because as others have said they have the potential to make some ground breaking models like the new 95 which looks great but i suspect this company is going to be the next rover so sad i hope the company gets rescued by an owner who actually cares.