General Motors Co said it would begin shutting down its
money-losing Saab brand after last-ditch talks to sell it to a
small Dutch sports car builder collapsed on Friday.
The move by GM to abandon the 60-year-old Swedish auto brand
would eliminate 3,400 jobs in Sweden and drop 1,100 Saab dealers
who have watched with increasing concern as 10 months of talks to
sell the brand sputtered out in recent weeks.
Swedish government officials and representatives of GM had been
negotiating as late as Friday morning in Stockholm before the
automaker concluded that it was not going to be able to conclude a
deal to sell Saab to Spyker Cars.
Swedish Enterprise Minister Maud Olofsson blamed GM for not
doing enough to save Saab during the 20 years it controlled the
brand and its losses mounted.
http://www.reuters.com/article/idUSTRE5BH2SZ20091218
