Don't miss

Replay


LATEST SHOWS

MEDIAWATCH

#Varoufexit: Greece's Finance Minister Bows Out

Read more

THE DEBATE

What now? Uncertainty for Greece and for Europe - part 1

Read more

THE DEBATE

What now? Uncertainty for Greece and for Europe - part 2

Read more

REVISITED

One year after Gaza war, residents still struggling to survive

Read more

REPORTERS

Libya in search of unity

Read more

ENCORE!

Tina Arena: Love, loss and la langue française

Read more

THE INTERVIEW

History’s worst tragedies: Would you have resisted?

Read more

TALKING EUROPE

Lithuanian president: 'Greek govt is not willing to take responsibility'

Read more

FOCUS

Violence and chaos await migrants in Libya

Read more

Business

China's BAIC backs Swedish company to buy Saab

Text by NEWS WIRES

Latest update : 2009-09-13

Koenigsegg, a Swedish sports car maker, is hooking up with China's Beijing Automotive Industry Holding Co Ltd (BAIC) to take over the General Motors brand Saab. Under the deal, BAIC becomes a minority owner in Koenigsegg, who will own 100 % of Saab.

AFP - Swedish sports car maker Koenigsegg has teamed up with Beijing Automotive Industry Holding Co Ltd (BAIC) to secure the necessary funding to buy Saab from General Motors, Koenigsegg said Wednesday.
  
Koenigsegg Group said BAIC would become a minority owner in Koenigsegg as part of a memorandum of understanding signed between the two parties.
  
"Koenigsegg Group will own 100 percent of Saab Automobile. The aim is to sign a final agreement later this year," it said in a statement.
  
The Swedish group had been short 3.0 billion kronor (290 million euros, 412 million dollars) to complete the purchase of Saab first announced in June, though the total purchase price has never been disclosed.

Date created : 2009-09-09

COMMENT(S)