Wednesday, November 25, 2009

Saab Story - Buyer Pulls Out: Saturn Deja Vu?

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."

So GM somehow foiled the sale of Saturn to Penske, decides to keep Opel rather than sell to Magna and now is stuck with Saab. At least Hummer has a new home with Sichuan Tengzhong Heavy Industrial Machinery Co. The Saab story continues....