Wednesday, August 19, 2009

GM Agrees to Sell Saab Automobile to Koenigsegg

General Motors announced that it has signed a stock purchase agreement with Koenigsegg Group AB for the sale of Saab Automobile. The transaction is subject to the completion of financing by Koenigsegg and is expected to close before the end of the year. According to Swedish news reports the purchase is backed by GM subscribing to preferred shares in Koenigsegg Group, a loan from the European Investment Bank and Swedish government guarantees, but approximately SEK 3 billion in additional financing is required.

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