Saab Veering Toward Junkyard
GM's failed bid to unload Swedish automaker may spell its doom
By Harry Kimball,  Newser Staff
Posted Nov 25, 2009 9:54 AM CST
The Koenigsegg factory. The company was deep in negotiations and Saab already had a loan secured before it pulled out of the deal.   (AP Photo)
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(Newser) – GM’s bid to sell its Saab unit to a small Swedish automaker has fallen through after Koenigsegg pulled out yesterday, citing costly delays in the closing process. Saab’s managing director tells the Wall Street Journal it’s “premature” to write the employer of 4,000 off, but one GM exec isn’t so optimistic. “Saab has been identified as a brand GM would divest itself of, one way or another,” he says, and the next likely step is to shutter it.