Saab sale falls through

General Motors set to phase out Saab unless another buyer can be identified.

The on-going saga of Swedish carmaker Saab, continues with General Motors’ acting CEO Ed Whitacre revealing Spyker as the sole remaining bidder.

In Whitacre’s first official press briefing since taking over from the ousted Fritz Henderson, he claimed that a deal with the Dutch sports car firm could be completed by the end of the year.

If no deal can be agreed with a new investor, Whitacre reiterated that Saab would be closed.

The Swedish company sold the rights to its old 9-5 and current 9-3 to Chinese manufacturer BAIC and the money from the deal is believed to be enough to keep Saab afloat for the next three months.

Any deal with Spyker would need to be sorted by March or Saab would face closure.

GM’s board made the decision after a group led by Sweden’s Koenigsegg Automotive AB dropped out of a deal to buy the company.

GM decided to close Saturn after a deal with auto dealer Roger Penske fell through, but it decided to keep the European automaker Opel.