hot_wire Posted June 12, 2009 Report Share Posted June 12, 2009 http://www.google.com/hostednews/afp/article/ALeqM5gipbD_h1BFQfUosnT4mbq9ePCO6w STOCKHOLM (AFP) — Swedish luxury sports car maker Koenigsegg will buy Saab Automobile from US giant General Motors with the backing of Norwegian investors, Swedish television reported on Thursday. The buyers have signed a letter of intention to buy Saab, SVT said on its website, citing anonymous sources and naming Koenigsegg and added that the negotiations could last for months. "We are getting close to a deal done, but there are some final steps to be taken," a source close to the matter told AFP, but would not confirm the identity of the leading bidder. Both Saab and its parent company GM declined comment. Saab was put up for sale by General Motors, which filed for bankruptcy after being brought to its knees by falling demand amid the world economic downturn. Saab's reorganisation process began separately in Swedish courts in February. Koenigsegg, set up in 1994, produces just 20 of its deluxe sports cars a year and sells each one for more than a million euros (1.4 million dollars). Saab's sell-off drew a little closer on Thursday after Stockholm announced it had authorised the Swedish Debt Office, which acts as a public bank to the state, to discuss guaranteeing a 500-million-euro loan made to Saab by the European Investment Bank (EIB). "We have always said that the debt office could start negotiations on guaranteeing the loan when Saab has a new owner," state secretary for business Joran Hagglund said in a statement. "With today's decision we are well prepared for that." Stockholm had refused to follow Washington's lead in bailing out its automakers over fears it would end up in GM's pockets. The Saab automaker -- not to be confused with a Swedish defence company also called Saab -- sold 93,000 cars worldwide in 2008, according to its website. It owes 9.7 billion kronor (1.3 billion dollars, 924 million euros) to GM -- its largest individual creditor -- as well as 347 million kronor to the Swedish government. Other creditors are owed 647 million kronor. Saab, the automaker, employs about 3,400 people in Sweden. Including suppliers, some 15,000 jobs in the country are believed to be at risk if the company were to disappear. SAAB forums are shitting themselves over the news. I can't imagine a cooler company to take over SAAB. Swedish based, innovative, and high end. I wonder if there will be any brand crossover/merger or if they will remain separate companies? Quote Link to comment Share on other sites More sharing options...
Dr. Apex Posted June 12, 2009 Report Share Posted June 12, 2009 It's funny that a manufacturer that makes on 20 cars a year wil buy a company that makes thousands of cars a year, but if they can have a profitable company off 20 cars a year then they should make a fortune off Saab. Quote Link to comment Share on other sites More sharing options...
Draco-REX Posted June 12, 2009 Report Share Posted June 12, 2009 Very appropriate.. from an aesthetics standpoint.. Quote Link to comment Share on other sites More sharing options...
Ry_Trapp01647545522 Posted June 13, 2009 Report Share Posted June 13, 2009 hhmmm, this is gonna be very interesting. the reason koenigsegg runs ford modular engines is because volvo has helped them out since the beginning. Quote Link to comment Share on other sites More sharing options...
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