Koenigsegg drives away from Saab purchase

Koenigsegg backs out of Saab purchase

Koenigsegg have announced they are pulling out of their agreement with General Motors to purchase Saab. Months of negotiations have, ultimately, counted for nothing.

“We regret that after six months of intense and determined work we have come to the painful and difficult conclusion that we are unable to complete the acquisition of SAAB Automobile,” said Christian von Koenigsegg.

The Swedish supercar maestro had teamed up with Beijing Automotive Industry Holding Co to forge a deal that would see Koenigsegg have the backing to buy Saab, in exchange for handing over a minority share to the Chinese.

Christian von Koenigsegg explains, “Unfortunately, delays in closing this acquisition have resulted in risks and uncertainties that prevent us from successfully implementing the new SAAB Automobile business plan.”

For their part, GM are understandably upset, “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.”

[Source: Wall Street Journal | Pic: Carstudio.it]