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Koenigsegg Backs out of the Saab Purchase!

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GM has announced today that Koenigsegg has terminated the agreement to buy Saab.

GM released a very short press release about the termination and president and CEO Fritz Henderson stated “We’re obviously very disappointed with the decision to pull out of the Saab purchase.”

This announcement obviously puts Saab’s future in jeopardy. GM stated, “we will take the next several days to assess the situation and will advise on the next steps next week.”

Related Stories:
GM and Koenigsegg Come to an Agreement Over Saab Sale

PRESS RELEASE:

Koenigsegg Group AB Terminates Agreement For Purchase of Saab

2009-11-24

DETROIT — General Motors confirmed today 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.”