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Koenigsegg terminates agreement for Saab purchase

By Matt Brogan |

General Motors confirmed today that the proposed sale of its Saab subsidiary to Koenigsegg has been 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.”

CarAdvice will keep you posted on any developments as they come to hand.


 
  • Shak

    Thats really sad. I was looking forward to seeing a new SAAB under the new regime.

  • Mikey

    Why am I getting the feeling that the new GM is not going to be any different from the old GM, but with a huge government cash injection…

    • JEKYL & HYDE

      and with the u.s.govt in 12 trillion dollars debt,i doubt it will last a long time either…

  • toxic_horse

    I will be happy to get these eye-sores off the road.

  • Septem

    Serves GM right for pulling out of Opel deal. Pfft.

    • tekkyy

      it might well had an effect

      like some companies would not be totally impressed by GM’s tactics (eg. terminating the Opel deal) and now GM would have a harder time selling anything

  • doh

    i pity the workers at SAAB… more uncertainity for them….

    as for GM I couldn’t I couldn’t be bothered either way… GM has lost the plot and as such its soul.

    they should be penalised for closing off so many brands….

  • Safety Frist

    Seems that the New GM is just a brand name, the Old GM still seems to be under that skin… I’d wager that Koenigsegg Group AB decided it was all to hard given the most likely conditions that GM wanted to impose such as the right to buy Saab back at a point that suited GM……. Bad news for Saab, GM will once again leave them floundering in the waste lands not giving them the capitol to do serious updates just like the last 20 years. Bad news for K-s Group, as they would have spent a bucket load in legal fees on the purchase. Seems the misguidance of people like Bob Lutz will continue to destroy this once great company…

  • gearboxdawg

    Its very disappointing Koenigsegg pulled out as it was the last chance for Saab to be kept in local hands, local research and jobs stayed domestically. GM will either let Saab die a slow death and shut up shop or face the globalisation trend and sell it off to a third country which probably mean Saab will just be a mere name badge with everything else foreign sourced.

  • http://CarAdvice.com.au Steve B

    Consider that GM gained a 5-10 year leap with safety and engine tech upon aquiring SAAB ,which in R&D alone would amount to more than GM paid for SAAB. Then to dilute the SAAB brand with shared components and platforms leaving it stripped of real value to any interested buyer,GM should hand control back TO SAAB so it only would need an investor to finance it debts and operating capitol. The same situation with FORD and VOLVO!.

    • Safety Frist

      The biggest difference between GM + Saab, and Volvo + Ford is that sure Ford took a lot of Safety research from Volvo, but also gave them a fresh face and desirability. Before Ford, Volvo was commonly considered as designed from Kellogs boxes. Ford put plenty in to all the companies it bought.
      Gm on the otherhand has a poor track record in these areas. Just look a Saab and Suzuki. Suzuki based Barina was considered not good enough for Holden in the early nineties, yet GM would anti up design money for Suzuki to replace the Cino till the very late Nineties. Same story Saab.

  • Baddass

    I didn’t see this coming. I thought the deal was for certain? I’m pretty peeved about this.

  • http://skyline The Salesman

    So will that put Opel/Vauxhall back on the market? Imagine that phone call.
    “Hi Magna, um, I know we said no to the deal but, um, can we look at it again?”
    I wonder if the Chinese are still keen on Saab?

    • jojo

      Yeah imagine if Magna tells the yanks to get stuffed, that will leave Fiat to negotiate a better deal to buy Opel

  • spellbound

    Things happen for a reason , GM will stuff it up even more and go bust again .

    The egg will probably be offered it on a platter gratis .

    So too opel/vauxhall

  • http://CarAdvice Steve B

    If I where the CEO of GM and wanted to retain offshore assets not protectected by US CHAPTER 11 LAWS , I certainly would dupe a Government of another Country into handing over taxpayers money as interim bailout on the pretence of finding a buyer.Even if they know its a sham if they dont payup I will threaten job losses or closure,need to reduce costs anyway.I can’t loose I’ll keep the rights to the brand and badge and build them in CHINA or keep the asset at no cost while the global market recovers.But Corporate ethics would make such deceipt unthininkable!.