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No Sale: GM To Start 'Orderly Wind-down' Of Saab Operations

  • Reuters, Friday, December 18, 2009 11 AM
Its attempt to sell the Swedish unit to small Dutch luxury carmaker Spyker Cars having failed, General Motors will wind down operations at Saab, it said on Friday, noting the move was not a bankruptcy or forced liquidation process.

GM had been in talks to sell Saab to niche luxury carmaker Koenigsegg, with the backing of China's BAIC. But the deal fell through in November, and GM said it would consider other offers until the end of the year, and then decide whether to close the unit.

BAIC said earlier this week it had agreed to buy some assets from Saab, including the intellectual property for the 9-5 and 9-3 sedans, as part of a push to develop its own-brand cars.

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