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December 3, 2009

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Demise of Saab brand if no buyer is found

GENERAL Motors Co said it will phase out its storied Swedish Saab brand if no deal is reached by the end of this month.

GM's board met on Tuesday to decide Saab's fate after a group led by Sweden's Koenigsegg Automotive AB dropped out of a deal last week to buy the company. About 4,500 jobs at Saab are at stake.

New potential buyers have emerged, GM said, so the board put off a final decision until the end of December. The auto maker said in a statement that if no "suitable arrangement" for Saab is found by then, it "will begin an orderly wind down" of the unit.

GM would not identify the potential bidders. Last week, Beijing Automotive Industry Holdings said it would re-evaluate Saab, but stopped short of saying it would make an independent bid. Beijing Automotive had been part of the Koenigsegg team.


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