GM may have deal for Saab
Koenigsegg Automotive AB, the Swedish maker of $1.2 million sports cars, agreed to buy Saab Automobile from General Motors Co. by the end of the year to become a mass-market manufacturer.
Completion of Saab’s sale to Koenigsegg and investment partners is tied to the unit getting funding from the European Investment Bank backed by Swedish state guarantees, as well as transitional assistance from Detroit-based GM, the U.S. automaker said Tuesday. Sweden said the transaction still requires "several steps" before winning its backing car insurance quotes.
Koenigsegg still must secure about $300 million in funding to complete Saab’s purchase, two people familiar with the situation said Monday. Sweden’s government has reaffirmed a commitment to guarantee the proposed $600 million EIB loan, while Koenigsegg and GM together would contribute about $500 million in capital, one of the people said.