#SaleOfSaab

According to Saab CEO, Victor Muller, a takeover offer of the Swedish brand by China’s Zhejiang Youngman Lotus Automobile Co. and Pang Da Automobile Trade Co. has been turned down.

General Motors has announced it will close down Saab after discussions to sell the brand fell through.

“Despite the best efforts of all involved, it has become very clear that the due diligence required to complete this complex transaction could not be executed in a reasonable time,” said Nick Reilly, president of GM Europe. “In order to maintain operations, Saab needed a quick resolution.”

GM had been in discussions to sell Saab to Spyker Cars but was unable to resolve some issues with the Dutch manufacturer. Last month, Koenigsegg also had interest in acquiring Saab before backing out.

Reilly says Saab will continue to honor warranties and provide service and parts to current owners.

Beijing Automotive Industry Holdings’ purchase of some Saab property, notably 9-3 and 9-5 powertrain technology, is not expected to be impacted by today’s annoucement.

Official release after the jump: