Don't miss

Replay


LATEST SHOWS

BUSINESS DAILY

Exxon sues US over $2m fine for violating Russia sanctions

Read more

IN THE PAPERS

'Too sexy for Malaysia': Hit single 'Despacito' stirs controversy

Read more

IN THE PAPERS

Is this the end of Emmanuel Macron's honeymoon period?

Read more

MEDIAWATCH

Macron's air force uniform draws Tom Cruise comparisons

Read more

THE DEBATE

Polish democracy under threat? EU warns Warsaw over judicial independence

Read more

PEOPLE & PROFIT

Game of Thrones and TV's golden age

Read more

ENCORE!

The best of the summer's exhibitions in Paris

Read more

INSIDE THE AMERICAS

Game of Thrones returns: Mega fans bask in themed pop-up bar

Read more

FOCUS

Unwanted children: 3,800 babies abandoned in South Africa every year

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)