Saab sale off
24 November 2009
Masterlease will also no longer provide contract hire and leasing quotations on Saab vehicles
The long-mooted sale of General Motors' Swedish brand Saab has fallen through.
The sale to Swedish sports car manufacturer Koegnigsegg was supposed to be completed by the end of the year to close a saga that had been running for much of 2010, but GM boss Fritz Henderson has confirmed the collapse of the deal "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 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."
There's no word yet on how this will impact upon the GM UK Fleet operation, which was set to part company with Saab in the aftermath of the deal's conclusion. There's also no sign of the impact the move will have upon the scheduled summer 2010 launch of the desperately needed new executive 9-5 model.