Brightwell Holdings has withdrawn from the Saab bidding process, spokesperson Zamier Ahmed told business website di.se.
“The offer has been withdrawn. We have been in contact with the administrators. Because of GM’s attitude, we cannot continue, “said AhmedZamier to di.se on Monday night.
“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 AhmedZamier.
Saab was already on the brink of bankruptcy when GM sold it in early 2010 to Dutch company Swedish Automobile (SWAN) — at the time called Spyker – for $400 million.
The past two years have been lined with desperate efforts and numerous failed deals to keep it afloat.
The announcement comes after trustees of bankrupt Saab Automobile say they have received several potential bids from international and Swedish investors looking to rescue the carmaker from insolvency.
Bergqvist previously said between six and seven investors have been eyeing the car brand.
China’s Zhejiang Youngman Lotus Automobile Co. told Swedish broadcaster SVT on Tuesday it has offered to pay around 2 billion Swedish kronor ($300 million) for the automaker.
Volvo and BMW are also in the game, but no one knows if GM will agree.