Koenigsegg pulls out of deal to buy GM unit Saab

STOCKHOLM | Tue Nov 24, 2009 12:25pm EST

STOCKHOLM Nov 24 (Reuters) - Tiny Swedish luxury car firm Koenigsegg said on Tuesday it had withdrawn from discussions with U.S. auto giant General Motors [GM.UL] over the purchase of its loss-making Saab Automobile unit.

"The time factor has always been critical for our strategy to breathe new life into the company," Koenigsegg said in a statement.

((Stockholm Newsroom, tel: +46-8-700 1017, e-mail: stockholm.newsroom@thomsonreuters.com)) ($1=7.816 Swedish Crown)
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