Turkish investment firm withdraws bid for Saab

Turkish investment firm withdraws bid for Saab

Turkish investment firm Brightwell Holdings BV has withdrawn its offer to acquire Swedish automotive firm Saab Automobile AB, said a company spokesman, according to Anatolia news agency. 

Brightwell pulled out because General Motors Corp., the American giant which holds Saab’s technology licenses, was unwilling to cooperate with it, Zamier Ahmed told Swedish business website di.se. 

“Everything was under control and we are awaiting final feedback from GM. They changed behavior in the last minute. Unfortunately, I must say I have never experienced such behavior from a company of that size,” said Ahmed, according to Swedishwire.com.

A Chinese firm’s proposal for Saab is being evaluated now that Brightwell has withdrawn its bid, according to unnamed sources.