Saab/Koenigsegg Deal Falls Through

[laureate]

It seems General Motors (GRM) isn't have any better luck at selling pieces of itself than it is at selling its cars and trucks. A deal struck by the Detroit-based company in June to sell its Saab unit fell apart Tuesday, according to news reports, threatening an end to the Swedish manufacturer of niche automobiles.

GM had hoped to seal the deal on the sale of Saab to a consortium led by Swedish luxury car builder Koenigsegg Group at the end of next month. But on Tuesday, Koenigsegg suddenly pulled out after it was unable to secure financing in time to close the deal.

"Time always played a critical factor in our strategy for reviving the company," founder Christian von Koenigsegg said in a statement. "Unfortunately, delays in closing this acquisition have resulted in risks and uncertainties that prevent us from successfully implementing the new Saab Automobile business plan."

GM expressed disappointment. In a written statement, GM Chief Executive Fritz Henderson said that given the sudden news, "We will take the next several days to assess the situation and will advise on the next steps next week."

Source:
http://www.dailyfinance.com/2009/11/...uyer-pulls-ou/

This is disappointing, I was hoping for some more insane swedish cars

[Mugen EvOlutioN]

no Koenigsegg for uuuuu

[danizer]

[Jackygor]

damn, I was hoping some of that super car technology trickle down to an affordable saab...

[ilvtofu]

apparantly the new richmond dueck was already building a seperate section to house the saab brand solely, wonder if that'll still happen now.

At this rate it might make more sense to kill off the brand :'(

[AVS_Racing]

NOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOo the new 95 looks pretty decent tooo

[Black SC2]

Bummer. That could have been some good bread and butter money for Koenigsoeniggseggswhatever, and a proper home again for my favourite Swedish sedans.