GM’s sale of Saab collapses

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From Reuters:

A deal by General Motors Co GM.UL to sell its Saab brand collapsed on Tuesday when the buyer pulled out in a move that threatens the Swedish luxury brand with closure.

GM had been aiming to close a deal by the end of next month to sell Saab to a partnership led by the Swedish luxury car builder Koenigsegg and backed by China’s Beijing Automotive Industrial Holding Ltd.

Koenigsegg said in a statement on Tuesday that it had withdrawn from the sale process, about five months after the two sides had reached a preliminary deal for Saab…

A tentative deal by GM to sell its Saturn brand to Penske Automotive Group (PAG.N) also collapsed at the end of September, just before it was expected to close…

There are no other bidders for the brand, meaning that GM’s only options would be to restart the sale process or opt for closure, the person said.

This will put pressure on GM and its dealings at Opel as Saab is another subsidiary that needs a major overhaul which will cost a lot of money.

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More here: Saab sale for GM collapses; buyer backs out

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