Koenigsegg blames delays in crucial decisions for withdrawing

Koenigsegg has withdrawn its offer to buy Saab, GM has confirmed.

Details are scarce, but GM President and CEO, Fritz Henderson said: "We're obviously very disappointed with the decision to pull out of the Saab purchase.

Hilton Holloway blog - Saab faces oblivion

"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."

Koenigsegg announced its decision in a statement.

"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."

GM and Koenigsegg had announced a preliminary agreement over the sale of loss-making Saab in June, and spent the following months working on confirming the deal.

Earlier this year GM had indicated it would have to shut Saab down by the end of 2009 if it hadn't found a buyer for the company.

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Comments
15

24 November 2009

Time for Saab fans to panic, if this is true.

The horrible thing is that, with Vauxhall/Opel and Saab, there are the seeds of a viable business. If GM only understood that the technology transfer should go from the top down, rather than the other way round, they could rebuild the image of these brands.

Instead, they (fatally?) compromised Saab with sub-standard platforms, and never let Opel climb above mediocrity.

24 November 2009

Unbelievable! I thought it was a done deal.

24 November 2009

final nail in the coffin for SAAB i fear, but then is it such a great loss?? what have they produced in recent times than was in any way competitive???

24 November 2009

[quote scrap]Time for Saab fans to panic, if this is true.[/quote]

What, both of them?

24 November 2009

In all seriousness, this was never going to fly, was it? You only have to look at the ho-hum products, the global over-capacity and the dire state of the market to see that. Koenigsegg operate in a vacuum of hugely expensive cars bought by a few immune to the recession and as such they don't feel the competitive pressures further down the food chain. I think Saab should be allowed to die.

24 November 2009

-it might be lost, their is that Gerely (or whatever they are called) have not tabled a formal offer for Volvo, but other buyer with Swedish backing have, maybe just maybe a little swap could be done?

-or other investors could be found; confidence is coming back and there was a few people interested; the fat lady has not started singing yet (I do not think), I guess she is out of her seat but there is plenty of time for another deal.

-how about GM bringing it back into the fold? maybe they could get it into a deal with Opel; lets wait and see, i think there were some ex-ford people looking at Jag, maybe they can get the cash/have an interest?

-wonder if Volvo and Saab coudl merge?

24 November 2009

A shame JLR don't have the cash to buy SAAB. SAAB would sit nicely under Jag's product line up and SAAB could quickly get into SUV's courtesy of Land Rover.

24 November 2009

A great shame. I really hope someone comes along to SAAB's rescue... they've got some brilliant cars in the pipeline. Let's just hope this isn't the end...

"The creative adult is the child who survived."

24 November 2009

This is terrible news. I really hope a buyer is found for SAAB, would be a great shame to loose them. The recently unveiled 9-5 looked superb, hope it makes production.

24 November 2009

Shit!

Bring back steel wheels.

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