30
Nov

GM's Saab deal falls through

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General Motors has announced that the deal that they were working on to sell Saab to a Swedish group has fallen through. GM CEO Fritz Henderson gave a somber statement after it was announced that  plans to sell the company to Swedish firm Koenigsegg Group AB had collapsed.

“We’re obviously very disappointed with the decision to pull out of the Saab purchase,” Henderson said in a statement. “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.”

Another GM executive noted that the Board of Directors of the auto giant was to meet next week and what to do with Saab now that the deal has evaporated would be on the agenda.   The news comes as a surprise to those in the industry since the Swedish company had entered talks with its government to finance the monies needed to buy Saab. There were even reports that the Swedes had contacted a Chinese frim to explore the possibility of shipping to that country.

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