Koenigsegg pulls out of deal to buy GM unit Saab

24 November 2009 @ 11:26 am EDT

Tiny Swedish luxury car firm Koenigsegg said on Tuesday it had withdrawn from discussions with U.S. auto giant General Motors over the purchase of its loss-making Saab Automobile unit.


Koenigsegg pulls out of deal to buy GM unit Saab
A Sweden Koenigsegg CCR with a sticker price of RMB 15,800,000 ($2,313,324) is displayed at the Top Essence luxury goods show in Beijing, November 22, 2008. Hundreds of the world's top luxury brands are displayed during the exhibition.
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"The time factor has always been critical for our strategy to breathe new life into the company," Koenigsegg said in a statement.

Copyright 2009 Thomson Reuters. All rights reserved.

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