Don't miss

Replay


LATEST SHOWS

YOU ARE HERE

The Mont Saint-Michel, between sea and stone

Read more

BUSINESS DAILY

Massive trade bill clears key hurdle in US Senate

Read more

IN THE PAPERS

'Why should the U.S. fight for the Iraqis?'

Read more

IN THE PAPERS

"Inequality takes hold"

Read more

DEBATE

Will Ireland Say "I Do"? Gay Marriage Referendum Challenges Catholic Values (part 1)

Read more

DEBATE

Will Ireland Say "I Do"? Gay Marriage Referendum Challenges Catholic Values (part 2)

Read more

FOCUS

Mother of French terror victim seeks to open minds

Read more

ENCORE!

Aishwarya Rai: An interview with the Queen of Bollywood

Read more

MEDIAWATCH

Ireland on the eve of gay marriage vote

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)