Open

Coming up

Don't miss

Replay


LATEST SHOWS

REPORTERS

Exclusive: an unlikely victim of the 'War on Terror'

Read more

#THE 51%

Sweden: A Feminist's Paradise?

Read more

FRANCE IN FOCUS

Politics: parties under pressure

Read more

FOCUS

In Burma, the rise of radical Buddhism

Read more

ENCORE!

Haute Couture: the hand-stitched clothing made in Paris that sells for the price of small yachts

Read more

IN THE PAPERS

'Caution, another Cast Lead lies ahead'

Read more

BUSINESS DAILY

Rising into the ranks of Haute Couture

Read more

DEBATE

Gaza: How to Stop the Spiral? Israel Readies For Ground Offensive

Read more

DEBATE

Gaza: How to Stop the Spiral? Israel Readies For Ground Offensive (part 2)

Read more

  • Exclusive: an unlikely victim of the 'War on Terror'

    Read more

  • The third-place playoff: the World Cup game no one wants to play

    Read more

  • Suspect in Brussels Jewish Museum shooting drops extradition appeal

    Read more

  • Kurdish forces take over two oilfields in northern Iraq

    Read more

  • Are French high school students getting smarter?

    Read more

  • Italy’s Trentin wins seventh stage of Tour de France

    Read more

  • Disgraced Suarez leaves Liverpool for Barcelona

    Read more

  • In pictures: Chanel, Dior and so much more at the Paris couture shows

    Read more

  • French ‘Civic Service’ eyes massive expansion amid huge demand

    Read more

  • Amazon snubs French free delivery ban with one-cent charge

    Read more

  • In Pictures: Petrol station hit by Hamas rockets

    Read more

  • Manhunt as FIFA partner flees Rio hotel to avoid arrest

    Read more

  • Video: Living in Tel Aviv, under threat of rocket attack

    Read more

  • Video: Palestinians fear full Israeli military offensive in Gaza

    Read more

  • Ukrainian forces close in on Donetsk

    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

Comments

COMMENT(S)