Economy

GM Loses Buyer For Saab

"General Motors Co.'s efforts to sell castoff brands took another hit today when the buyer of Saab terminated the deal," The Detroit News writes.

According to the News: "In a short statement, GM said Swedish sports car maker Koenigsegg Group AB backed out for undisclosed reasons."

That statement is short indeed:

General Motors confirmed today that the proposed sale of its Saab subsidiary to Koenigsegg Group AB was terminated at the discretion of the buyer.

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

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