GM seals Saab deal with Koenigsegg

GM said the deal is subject to a funding commitment for Saab from the European Investment Bank, to be guaranteed by the Swedish government.

By
August 19, 2009 11:24

General Motors Corp. said Tuesday it has signed an agreement to sell its unit Saab Automotive to Sweden's Koenigsegg Group AB, confirming an announcement in June, although government officials warn that more capital is needed before the deal can be closed. GM said the deal, whose financial details were not disclosed, is subject to a funding commitment for Saab from the European Investment Bank, to be guaranteed by the Swedish government. Carl-Peter Forster, president of GM Europe, said he expects the deal will be completed within months, but the Swedish Ministry of Enterprise cautioned that there were other conditions to be met.


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