Don't miss

Replay


LATEST SHOWS

EYE ON AFRICA

Tunisia's Parliament votes on new Government

Read more

MEDIAWATCH

French court rules #burkini ban "clearly illegal"

Read more

THE WORLD THIS WEEK

Biden in Turkey, Colombia Peace Deal, Ethiopia Olympic Protest (part 2)

Read more

THE WORLD THIS WEEK

Earthquake in Italy, French Burkini Ruling (part 1)

Read more

FRANCE IN FOCUS

The hidden secrets of Les Invalides

Read more

FOCUS

Pro-Opposition stronghold Port-Gentil feverishly awaits presidential elections

Read more

ENCORE!

Alexis Michalik: treading the boards in the footsteps of 'Edmond'

Read more

REPORTERS

Getting away with murder in DR Congo

Read more

IN THE PAPERS

'Why does Italy refuse to see the seismic risk?'

Read more

Business

GM confirms sale of Saab brand to Sweden's Koenigsegg

Text by NEWS WIRES

Latest update : 2009-08-18

US auto giant General Motors says its has signed a binding agreement with Swedish sports car manufacturer Koenigsegg over the sale of 100 percent of shares in Saab Automobile.

AFP - General Motors said on Tuesday it has signed a binding agreement with Swedish sports carmaker Koenigsegg over the sale of Saab Automobile.

"General Motors Co. today confirmed it has signed a stock purchase agreement with Koenigsegg Group AB regarding the sale of 100 percent of the shares of Saab Automobile AB," the company said in a statement.

The US auto giant signed a tentative agreement to sell Saab to Koenigsegg on June 16.

Since then however commentators in Sweden have asked questions over whether the niche sports carmaker has sufficient financing to close the deal.

"We will continue to work with all parties to define the final details and ensure a fast closure of the deal," said GM Europe CEO Carl-Peter Forster in a statement.

"The closure of the deal is contingent on the funding commitment from the European Investment Bank (EIB), guaranteed by the Swedish government," he added.

The US automaker said it expected the transaction to be completed by the end of the year.

Date created : 2009-08-18

COMMENT(S)