Saab is to be closed down by General Motors, after no new buyer for the troubled Swedish firm could be found. Some 3400 people employed directly by Saab are expected to lose their jobs, and 1100 dealers worldwide will have to find new franchises.
GM’s European president Nick Reilly said no deal could be reached with the sole remaining bidder, Spyker Cars.
“Despite the best efforts of all involved, it has become very clear that the due diligence required to complete this complex transaction could not be executed in a reasonable time. In order to maintain operations, Saab needed a quick resolution,” he said.
Thanks to: Autocar