The potential sale of General Motors' Saab brand has fallen through after Koenigsegg Group AB terminated its agreement to purchase the company.
GM and Koenigsegg had initially signed a stock purchase agreement regarding the sale of 100 per cent of the shares of Saab Automobile AB in August. Conditions to the sale included funding commitments with Swedish Government support and guarantees; as well as transitional assistance from GM. In September, Koenigsegg then signed a memorandum of understanding with Beijing Automotive Industry Holdings Co Ltd in an effort to explore growth opportunities in the Chinese market for Saab Automobile and BIAC.
Now however, the sale has fallen through with the news confirmed by GM President and CEO Fritz Henderson who said he was "very disappointed". He commented that many people had worked tirelessly to create a substantial plan for the future of Saab and that the company would now take several days to assess the situation and evaluate what the next step should be.
The decision comes just a month after General Motors decided not to sell the Opel/Vauxhall brand – it is currently working on the reorganisation and financing of the brand.
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