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Koenigsegg drops out of Saab deal

2009-11-25 09:11
Christiaan von Koenigsegg’s deeply patriotic, and awfully ambitious, attempt to rescue ailing Swedish brand Saab has been thwarted.

The embattled GM subsidiary was due to reside under Koenigsegg ownership by the end of last month, but it seems the additional capital required to seal the deal was never accessed.

Despite Koenigsegg being backed by U.S., Norwegian and Chinese investors, its ability to finance the purchase had remained in question.

The operational differences between Koenigsegg (who produce bespoke, preciously low-volume supercars) and Saab (who produces volume sedans and estates) was also held up as a major point of conflict by sceptics of the deal…

‘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.’

Saab’s inability to find a buyer by the end of this year will now in all probability lead to a closure of the renowned car maker, ironically as its latest 9-5 model hovers on the launch horizon...


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