Koenigsegg balks and withdraws from Saab purchase

Well, it pains me to report this on these pages, but our Swedish savior has blinked and will no longer buy Saab from General Motors.
Motor Authority reports that Fritz Henderson, acting CEO of General Motors, has confirmed that Keonigsegg Group has refused the deal.

“We’re obviously very disappointed with the decision to pull out of the Saab purchase,” said Henderson.
“Given the sudden change in direction, we will take the next several days to assess the situation and will advise on the next steps next week,” said Henderson

This certainly isn’t Koenigsegg’s finest hour, nor does it leave GM with many options.
Ouch. I’ve been a naysayer of this deal from the outset, but that doesn’t make me feel any better than any of you right now. I’m in shock.
Other references:
Wall Street Journal
New York Times
BBC
Reuters
UPDATE
Here’s the complete text from the GM Europe news page:

General Motors confirmed today that the proposed sale of its Saab subsidiary to Koenigsegg Group AB was terminated at the discretion of the buyer.
“We’re obviously very disappointed with the decision to pull out of the Saab purchase,” said GM President and CEO, Fritz Henderson. “Many have worked tirelessly over the past several months to create a sustainable plan for the future of Saab by selling the brand and its manufacturing interests to Koenigsegg Group AB. Given the sudden change in direction, we will take the next several days to assess the situation and will advise on the next steps next week.”

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