Following is the press release from General Motors relating to the sale of Saab Automobile AB to The Koenigsegg Group:
General Motors and Koenigsegg Group Sign Stock Purchase Agreement for the Sale of Saab Automobile AB
- The deal is expected to close by year’s end and will secure Saab’s future
- The closing will be subject to funding agreements and other closing conditions
- Saab Automobile plans to exit reorganization shortly
Zurich. General Motors Co. today confirmed it has signed a stock purchase agreement with Koenigsegg Group AB regarding the sale of 100% of the shares of Saab Automobile AB. The deal is expected to conclude in the next months and will then secure Saab’s future. Saab Automobile plans to exit legal reorganization shortly.
The stock purchase agreement will be subject to agreed closing conditions. Conditions to close the sale include expected funding commitments with Swedish government support and guarantees, as well as transitional assistance from GM, as Saab becomes independent. Saab is about to launch several new cars, developed with General Motors, that are in the final stages of development.
As part of the proposed transaction, GM and Saab will continue to share technology and services during a defined time period. This will be managed through licenses and service agreements.
“This contract is an important step in the journey to a potential deal, said Carl-Peter Forster, president of GM Europe. “Saab’s great cars, its unique design, safety- and engine-technology, as well as its excellent brand image, combined with Koenigsegg Group’s unique combination of innovation and entrepreneurial spirit, bode well for a successful future for the brand. We will continue to work with all parties to define the final details and ensure a fast closure of the deal, which we expect to take place in the next few months. The closure of the deal is contingent on the funding commitment from the European Investment Bank (EIB), guaranteed by the Swedish government,” Forster added.
“We have now concluded another important step in realizing the great potential of Saab,” said Christian von Koenigsegg, CEO of Koenigsegg Group. “Our plan is to transform Saab into a stand-alone vibrant entrepreneurial company and make it ‘sustainable’ by making it profitable. We will revive Saab’s Swedish heritage of ecological sensitivity, safety, design innovation and ‘fun to drive’ experience!”
Jan Åke Jonssson, Managing Director of Saab, said: “This is excellent news for everyone connected to Saab around the globe. This is an important step to secure jobs and our long-term future as a Swedish carmaker. In the short-term, it will enable us to move forward with exciting new cars starting this month with the all new Saab 9-3X.”
And here’s what prefaced it all………
Will someone at GM please press the button on this release – it’s 20 minutes overdue!!!!!
Update 2 – 30 minutes overdue – no wonder we break news early.
Update 3 – this is getting silly now…..!!
Update 4 – a watched pot never boils, but it can be picked up and used to whack some slow IT guy upside the head!!!!
Update 5 – Christmas gift ideas for GM – a FREAKING WATCH!!!!!!!
Update 6 – maybe I should go to sleep – that’s sure to bring the news out….
Update 7 – have passed the 1 hour mark……no release. RELEASE ME!!!!
Update 8 – it’s guaranteed to come out in the next 15 minutes, as I have to leave my computer for that period of time.
Update 9 – I’m back and there’s still no release. We are now 93 minutes late. What’s the bet GM have thrown a spanner in the works?
Update 10 – Notice how all the Swedish news services are still running yesterday’s stories? They’re waiting on this release, too. GM has held up an entire country’s media for 105 minutes now.
Update 11 – Dagens Industri
Reconstruction of the car manufacturer Saab is moving towards its end. On Thursday, the process is over, writes Daily Industri.På Thursday reconstruction of Saab will be completed in Vänersborgs District Court. According to the company’s CEO Jan-Åke Jonsson, the purpose of the process completed.
Thanks to Sven in comments
UPDATE 12 – I’m finding it difficult to believe that something isn’t wrong here. We are now 127 minutes late.
UPDATE 13 – with the exception of a 20 minute drive, I’ve been refreshing 3 different GM news sites every 30 seconds for the last 2 hours and 15 minutes. That’s more 750 refreshes.