Beijing Automotive may still attempt to buy Saab

Beijing Automotive Industry Holding Co (BAIC) may make another attempt buy General Motors' (GM) Saab unit after an acquistion deal it was part of collapsed earlier this week, the Wall Street Journal reported, citing industry analysts. Koenigsegg Group of Sweden reached deal with BAIC in September under which Chinese auto maker would take a minority stake in Koenigsegg, in return for helping the Swedish car maker close a funding gap to buy Saab. On Tuesday, Koenigsegg said it was backing out of the acquisition, citing a series of costly delays in closing the deal. BAIC refused to comment but Yale Zhang of CSM Worldwide believes BAIC will still pursue Saab, saying that the company "seemed pretty determined." BAIC had tried to acquire another GM brand, Adam Opel, earlier this year but talks ended in July without an agreement on issues surrounding intellectual property rights.