STOCKHOLM (Reuters) – Sweden’s Koenigsegg has closed its purchase of money-losing Saab Automobile from General Motors Co GM.UL, but financing arrangements have yet to be finalized, a Swedish daily said on its website on Monday.
Dagens Nyheter, citing sources, said GM and Koenigsegg had agreed on a “very low” price for Saab, but the deal required the Swedish government to guarantee a loan by Saab from the European Investment Bank.
Spokespeople for GM Europe and Saab declined to comment and Koenigsegg was not immediately available for comment.
GM Europe announced in mid-June it had struck a deal to sell Saab to Koenigsegg and the sale was to close by the end of the third quarter.
“The price tag is non-existent but GM has a deal that grants them revenues as well if Koenigsegg manages to get Saab back on its feet,” Dagens Nyheter quoted a source close to Saab as saying.
The European Investment bank is expected to process Saab’s loan application by end-September.
Sweden said on Aug 7 it had received information on a possible pullout of investors backing the deal. But there has been no further statement by the government on the issue since then.
The official announcement is yet to come.
I suggest you Swedes get a copy of Dagens Industri in the morning – there’ll be a full and exclusive interview with Augie Fabela about the situation.
There should also be an official press release at 7am (Swedish time, 3pm here in Oz) and some film that was shot late in the evening in Trollhattan, featuring Mr Von Koenigsegg himself.
Now, do remember the joy you felt?
Last night I went to bed just after emailing Kroum at 1:18am and at that time, there was still another 13 hours and 42 minutes until embargo time (3pm, Aussie time).
It took just another 56 minutes before someone in Sweden broke the news – the first email landed in my inbox at 2:14am.
Yes, I knew this was coming, but I honored the embargo.
I did, however, tell one trusted Saab guy (ctm) before heading off to bed last night. He bet me that the comments section of Koenigsegg, wherefore art thou? would be full of the news before I woke up.
How right he was.
And thanks not only to Turbin for the 6.30am wakeup call, but also to all the people who emailed whilst I was sleeping…..