http://money.cnn.com/2009/12/18/autos/saab_closed/index.htm
NEW YORK (CNNMoney.com) -- General Motors is shutting down its Swedish car brand, Saab, after attempts to close a deal with a buyer failed.
GM had announced earlier this year that it was close to reaching a deal with Swedish super-carmaker Koenigsegg. That deal fell, though."In the end, Koenigsegg discovered some issues they didn't think could be overcome in a timely fashion," said John Smith, GM vice president of corporate planning and alliances.
Dutch exotic carmaker Spyker then emerged as a bidder for Saab, but that deal couldn't be concluded in time, GM said.
In both cases, according to GM, issues arose during negotiations that prevented a final sale. GM executives would not say what the specific problems were, however.
"Like everybody, we would have preferred a different outcome," Smith said.
GM said it still intends to sell some Saab 9-3 and 9-5 technologies to the Chinese automaker Beijing Automotive Industry Holdings Co. Ltd. That deal was announced last week.
With GM's announcement that it's winding down Saab, BAIC or other companies may be able to buy more of Saab's assets, possibly even the brand name itself, Smith said. But no buyers have expressed interest, yet.
A total of 3,400 employees will be directly effected by Saab's closure, GM spokesman Chris Pruess said.
