Swedish supercar builder Koenigsegg has terminated a deal to purchase automaker Saab this morning
General Motors confirmed that the proposed sale of its Saab subsidiary to Koenigsegg Group AB was 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."
The proposed deal was announced in August, after GM announced it would no longer fund the automaker if a sale was not finalised by 1 January 2010.
Koenigsegg proposed to take a 100% stake in Saab.
So, could this be the end for Saab..?