Saab Buyer Backs Out Of GM Deal


General Motors had originally planned on selling its Saab automotive unit to Swedish sports card manufacturer Koenigsegg. Now Koenigsegg isĀ  backing out of the deal, according to WSJ.

GM’s board will meet next week to discuss the fate of Saab after Koenigsegg’s backing out. “The time factor has always been critical for our strategy to breathe new life into the company,” Koenigsegg said in a statement.

Below, the official release from GM:

General Motors confirmed today that the proposed sale of its Saab subsidiary to Koenigsegg Group AB was terminated at the discretion of the buyer.

“We’re obviously very disappointed with the decision to pull out of the Saab purchase,” said GM President and CEO, Fritz Henderson. “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.”

Bloomberg reports that GM is considering shutting down the Saab brand completely.

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