Saab to Koenigsegg – another go slow GM sale

September 7, 2009

AUTOS SWEDEN KOENIGSEGGGeneral Motors doesn’t do deals in a hurry — at least when it is selling.

With the Opel sale grinding along, the U.S. automaker is also in the process of offloading its Saab brand to luxury sportscar maker Koenigsegg.

Financing is the major sticking point in the Saab sale process. Koenigsegg — backed by U.S. and Norwegian investors — reached a deal in June to buy Saab from GM but the process then stalled.

Now Koenigsegg — which boasts having developed the world’s fastest sportscar — has apparently sent the Swedish government a new plan for financing the Saab purchase. This we’re told no longer includes any extra loan from the government on top of funding guarantees from the European Investment Bank (EIB).  There were reports that Koenigsegg Chairman Augie Fabela thought he needed an additional 3 billion Swedish crowns of financing.

GM has always said it expects to close the deal by the end of the year. Given progress so far and the complications of agreeing autos deals with governments, it looks as though the automaker will have it right.

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