Koenigsegg, the Swedish supercar builder, has terminated a deal to purchase premium automaker Saab. No details on why the deal went sour, except for GM stating that the proposed sale “was terminated at the discretion of the buyer.”
“We’re obviously very disappointed with the decision to pull out of the Saab purchase,” said Fritz Henderson, GM president and CEO. “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 Saab-Koenigsegg deal was announced in mid-August, with Koenigsegg proposing that it take a 100% stake in Saab. The sale came not long after GM announced it would stop funding the automaker should a sale not be tied up by January 1, 2010. All reports have had negotiations running relatively smoothly between GM and Koenigsegg, with some reporting that the sale was in its final stages and could be wrapped up by year’s end. More recently, reports were out that Koenigsegg would be shutting down a sizeable chunk of U.S. Saab dealers upon completion of the sale, and that inventory was running low at existing dealerships, leading to worries that there may be a Saab shortage in the near future.
Saab’s flagging sales and financial troubles were expected to be alleviated somewhat by a highly-anticipated new version of its flagship 9-5 sedan. The car made a debut at the Frankfurt Motor Show to generally positive response, leading Saab execs to believe that 50,000 of the new sedans could be sold annually after the model hit showrooms in early 2010. The industry is now left to wonder if any new 9-5 sedans will ever be produced.
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