GM Still Looking for Saab Buyers

Even if Koenigsegg decided to walk away from the Saab deal, the Swedish brand might still live on as parent manufacturer General Motors is still trying to find a bidder for the company. The news came yesterday as a Swedish government official said in a statement that GM is still searching for interested parties.

"I talked to GM last night and my impression is that they have not given up hope," Joran Hagglund, state secretary at Sweden's Industry Ministry, was quoted as saying by Reuters. "For every day that passes the challenge gets bigger and bigger," Swedish Enterprise Minister Maud Olofsson added.

General Motors said in a statement that a final decision for Saab will be made next week when the company's board will hold its regular monthly meeting. However, according to the aforementioned source, GM's options include restarting the sale process or killing the brand entirely, with the latter currently seen more likely to happen.

On the other hand, BAIC, the Chinese party that partnered with Koenigsegg for Saab's acquisition said it is still considering its options. It's well known the fact that BAIC wants to support its global expansion by acquiring new brands so getting involved in the Saab deal is still a possible scenario.

Koenigsegg decided a few days ago, after months of negotiations, to pull out of negotiations and scrap the Saab acquisition plans.

"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."