Koenigsegg pulls out of Saab sale

We haven’t reported anything lately on the Saab -Koenigsegg merger, thinking that the deal would be made sooner or later. But now, reports have been pouring that Koenigsegg has done a complete about-face and has decided that it would not be purchasing Saab anymore.

In a statement it made moments after announcing its decision to drop talks with GM (Saab’s parent company), Christian von Koenigsegg said, "We regret that after six months of intense and goal-oriented work we have come to the painful and difficult conclusion that we are not going to be able to carry out the acquisition of Saab Automobile”.

As you can expect, GM took the news rather hardly with a great deal of disappointed. While no tears were shed, GM President and CEO Fritz Henderson didn’t exactly mince his words in explaining the failed Saab transaction. “We’re obviously very disappointed with the decision to pull out of the Saab Saab purchase,” he said. "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."

Continued after the jump.

Source: Autocar UK

Last June, GM and Koenigsegg signed a preliminary agreement with everyone thinking that the sale would come eventually. But now that Koenigsegg decided to renege on sale, the future of Saab has once again been cast into doubt, with GM saying in the past that if it doesn’t find a buyer for the beleaguered brand, the company would be forced to shut it down completely.

If that does happen, it’s an ominous ending to a once popular car brand that has drastically fallen from public consciousness.

We feel for you, Saab.


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