Saab will be shut down after talks to sell the brand to Spyker failed. Details inside.
General Motors will begin closing doors at Saab after failing to complete sales talks with any potential buyers of the Swedish brand. The decision will likely cause an outcry in Sweden, as the fate of the company's 3,400 employees is unknown.
Despite weeks of negotiating with Spyker Cars NV, General Motors made the surprise announcement earlier today. The two sides met as recently as this weekend, with many analysts believing the Dutch company would emerge as the new owner of Saab.
“We regret that we were not able to complete this transaction with Spyker Cars,” said GM Europe President Nick Reilly.
This is the second botched attempt to sell Saab. Koenigsegg withdrew from an agreement with GM soon after completing negotiations and agreeing to terms. The Swedish supercar manufacturer backed away from the deal after GM halted the sale of Opel/Vauxhall to Magna International, even though those two had agreed to terms.
General Motors business tactics over the last several months will lead many to wonder whether GM ever really wanted to sell either Saab, Opel, or Vauxhall.
“We will work closely with the Saab organization to wind down the business in an orderly and responsible manner,” said Reilly. As this was neither a bankruptcy, nor a forced liquidation, the company expects all of Saab's debts and supplier payments to be completed.