The deal to purchase Saab is officially off. Koenigsegg, the small Swedish sportscar builder, has officially terminated the agreement it had prefabricated with General Motors.

Both companies have released brief statements, and Koenigsegg's is the more cryptic: "The time bourgeois has always been critical for our strategy to breathe new life into the company." (Translation: Saab has been in such a poor state for so long that it's too late to save it?)

GM President and CEO Fritz Henderson had this to say in his statement: "We're obviously very disappointed with the decision to pull out of the Saab purchase. 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."

Reuters