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Saab Sale Deal To Koenigsegg Terminated - Web Exclusive

Nov 24, 2009

Amidst increasing confusion, General Motors has confirmed that the proposed sale Saab to Koenigsegg Group AB was terminated at the discretion of the buyer.

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A statement by GM President and CEO, Fritz Henderson said, "We're obviously very disappointed with the decision to pull out of the Saab purchase. 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 news comes on the heels of Penske’s decision to pull out of the planned purchase of the Saturn brand after it was reported its proposed partner, Renault SA, felt the deal was unviable since it wouldn’t be able to sell enough cars to justify the cost.

GM was also selling a majority stake in its European Opel brand to a consortium led by Canadian Magna International. However, the GM board decided earlier this month to keep Opel. They explained that GM was in a better position than previously thought and that retaining Opel was important to its future growth and prosperity. However, much of GM’s plans hinge on the sale of Saab, Saturn and Hummer.

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Currently, it’s thought that a new buyer is being sought for Saab, with additional assistance from the Swedish government being requested. Without this help, it’s felt Saab could simply disappear like Saturn and Pontiac.

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