Tuesday, 24 November 2009 12:56
News outlets are reporting that the deal between the Koenigsegg Group and GM for the purchase of Saab has fallen through "at the discretion of the buyer." Koenigsegg Group AB informed GM yesterday that it would not be completing the purchase of Saab.
In GM's official press release, GM President and CEO, Fritz Henderson, noted, "We’re obviously very disappointed with the decision to pull out of the Saab purchase. 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."
Although some online sources speculate that the issue was Koenigsegg's inability to secure complete financing for the purchase, Augie Fabela, the chairman of Koenigsegg Group, told Reuters that this was not so.
Unfortunately, we have come to the conclusion that based on the delay of closing the transaction, in our judgment we no longer felt we were able to deliver our new Saab plan. The company has been managed very tightly for cash, and at a certain point you have to start running the company as a growth engine, and we just weren't able to get there in time. -- Augie Febela, Chairman of Koenigsegg Group, 2009-11-24
The Swedish government has noted that it will not step in and save the company, and that a private buyer is the only option right now.
Swade over at SaabsUnited has some quotes that aren't being mentioned elsewhere.