Koenigsegg Group AB Terminates Purchase Agreement of Saab
November 24, 2009 7:10 PM
General Motors (NYSE: GM) confirmed today that the proposed sale of its Saab subsidiary to Koenigsegg Group AB was terminated at the buyer’s discretion.
"We're obviously very disappointed with the decision to pull out of the Saab purchase," said GM President and CEO, Fritz Henderson, in a statement. "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."
GM, which has its global headquarters in Detroit, employs over 209,000 worldwide. It has been restructuring since it filed for bankruptcy in June.
