Don't miss

Replay


LATEST SHOWS

ENCORE!

Could Sean Baker's 'Florida Project' win at Cannes?

Read more

MEDIAWATCH

A frosty Vatican reception?

Read more

THE DEBATE

We'll always have Cannes: World's most famous film festival turns 70 (part 2)

Read more

THE DEBATE

We'll always have Cannes: World's most famous film festival turns 70 (part 1)

Read more

ENCORE!

Cannes 2017: Sofia Coppola returns with fraught thriller 'The Beguiled'

Read more

MIDDLE EAST MATTERS

Meeting 'cultural activist' and soprano Dima Bawab

Read more

FOCUS

Spain's Doñana National Park is dying of thirst

Read more

THE POLITICAL BRIEF

French labour reform: Macron's first push to fix the economy

Read more

THE OBSERVERS

The perilous journey from Libya to Italy, told by a migrant; and capoeira for former child soldiers in central Africa

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)