General Motors has annouced it could not complete the sale of Saab, so the division will be shut down
GM had been negotiating for the sale of the Swedish automaker for most of this year. Koenigsegg had agreed to take over the brand with a loan from a Chinese investor, but was unable to complete the deal. And recently, Dutch compant Spyker was considering taking over the Saab name.
Those talks have ended, and General Motors now says it will close the Saab brand in an "orderly" fashion.
GM says it will continue to honor all Saab warranties, while providing service and spare parts to current Saab owners around the world.
General Motors took a 50-percent stake in Saab in December 1989 and acquired the remaining 50 percent in 2000.
GM estimates some 3400 employees worldwide will be affected by the Saab closure, with the majority in the Swedish headquarters in Trollhattan.
In recent developments, GM says it has received inquiries from several parties following Friday's announcement and "will evaluate each inquiry".