Selling of Saab to Koenigsegg canceled

Posted on Tuesday, 1 December 2009 , 10:12:43 byEmil

Filed under sellcanceledsellingsaabkoenigsegggmSaabKoenigseggGM

Selling of Saab to Koenigsegg canceled

The proposed sale of Saab to a consortium led by Koenigsegg, the famous Swedish sports car maker, has been canceled. This information is official as General Motors was the one to publicly announce that the sale of their Saab division has been canceled. Unfortunately, Koenigsegg backed out of the purchasing of Saab in the same way Penske did with Saturn, so this is not the same happy case as the one with the canceling of the Opel sale.

Fritz Henderson, General Motors President and CEO, has stated that ``We are obviously very disappointed with the decision to pull out of the Saab purchase``. He continued by saying that ``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``.

This comes after Koenigsegg Group AB had signed a MOU (Memorandum of Understanding) with BAIC (Beijing Automotive Industry Holdings) to explore growth opportunities in the Chinese and international markets for the product of both Saab and BAIC, in September.

I am very disappointed by this information. I am afraid that Saab will have the same fate as Saturn, another former division of General Motors that has just disappeared completely after Peske backed out of a selling agreement.