25 Nov 2009

Swedish firm pulls out of Saab bid

1:42 pm on 25 November 2009

Swedish luxury car marker Koenigsegg is giving up its bid to acquire Saab automobile from its US parent company, General Motors, saying costly delays made the deal too uncertain.

The announcement comes three weeks after GM announced that it was calling off plans to sell its other European business, Opel, along with its UK brand Vauxhall, the BBC reports.

GM had agreed to sell Opel and Vauxhall to Canadian car parts firm Magna, but changed its mind, because its finances had improved after exiting bankruptcy protection.