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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

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