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Saab sale collapses as buyer pulls out

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Saab sale collapses as buyer pulls out


Saab is facing possible closure after a deal to buy the Swedish car brand collapsed.

The marque’s American owner – General Motors – was poised to close a deal with the Swedish sports car makers Koenigsegg. But the would-be buyer has pulled out suddenly, saying it can no longer carry out the acquisition. The closure of Saab and its Trollhatten production hub near Stockholm would mean the loss of 3,000 jobs and the end of a plan by the Swedish government to help re-finance the company. Joran Hagglund, the Swedish Trade Secretary said: “I regret the decisions taken. I have full respect for the grounds for the decision, of course for Saab’s sake it would have been better for us to complete the process we are in, but we have to respect the decision they have taken.” The news comes three weeks after GM called off plans to sell its other European business, Opel, along with the UK brand, Vauxhall. There are no other bidders for Saab. GM’s options would be to restart the sale procedure, close Saab down or keep it. The 13-member General Motors board is due to meet in Detroit in a week’s time and the question of what to do with Saab is expected to top the agenda.

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