Koenigsegg Pull Out of Deal to Buy Saab
The future of automotive brand Saab looks bleak. The consortium headed by super car company Koenigsegg have withdrawn their offer to buy the Swedish brand.
The decision comes somewhat as a surprise, with discussions thought to have entered its latter stages. A preliminary agreement was agreed in June, but constant delays to the acquisition process led Christian Koenigsegg to pull the plug.
"We regret that after six months of intense and goal-oriented work we have come to the painful and difficult conclusion that we are not going to be able to carry out the acquisition of Saab Automobile," the head of the company, Christian von Koenigsegg, said.
"The time factor has from the beginning been critical for our strategy to breathe new life into the company. Unfortunately, delays in completing the deal have led to risks and uncertainties that prevent us from successfully carrying out our business plan for Saab Automobile."
General Motors had previously stated that Saab would be shut down if a buyer could not be found by the end of 2009.