Archive for November, 2009
After GM’s about turn by withdrawing from the sale of their German offshoot Opel, and their British brand Vauxhall just three weeks ago, now comes the surprising news that they will continue to own their Swedish carmaker Saab.
General Motors announced last June that they had reached agreement to sell Saab to Swedish ultra luxury sports car maker Koenigsegg, and most thought it to be a ‘done deal’ until recent doubts surfaced about whether it would be completed.
And, indeed, today Koenigsegg announced that it had come to the ‘painfull and difficult conclusion’ that it has to abort the purchase.
GM’s response is that it is ‘very disappointed’ with the decision.
Speculation is now rife over whether GM will continue to keep Saab in their camp along with Opel and Vauxhall, whether they will seek another buyer or simply close it down.
Whichever way they choose, this news will do nothing to assist Saab in getting back into the black after some disastrous sales performances
The on again/off again saga on the sale of German car maker Opel and its British counterpart Vauxhall has added a further twist today when giant US carmaker announced that it will not now sell its European offshoots.
It was finally announced in September, after months of speculation that GM would sell 55 percent of Vauxhall and Opel to a Canadian led consortium.
Since then politics has played its inevitable part with governments and unions seeking work and plant guarantees.
However GM stated today thet the reason for withdrawing from the proposed sale is that ‘ the business environment has improved’.