There are two notable news stories with regards to Koenigsegg’s acquisition of Saab today.
The first is somewhat of a faux-pas on someone’s part and I’m sure it’ll be addressed in the short term. DN.se are reporting that there has been an error in the composition of the Koenigsegg Group. Under law, the board needs to comprise at least 50% Swedish or EU nationals. With two Europeans and two Americans, plus another American as an alternate officer, Koenigsegg Group did not meet this condition.
Some may wonder at the blunder, but they should note that the responsible office didn’t pick up the error either, until very recently.
Apparently there is an exemption that can be applied for, which is what’s happening now that Mark Bishop has jumped ship and possibly replaced by Melissa Schwartz.
The second and far more important story is the statement from the Swedish Government acknowledging that they believe Koenigsegg now have the money to complete their business plan.
You may remember that a few weeks ago, Joran Hägglund outlines a number of steps that Koenigsegg Group would have to take in order to successfully navigate the path ahead of them. Proof of financial capability was one of those steps.
Hagglund confirms Saab Financing
The government has now confirmed that it knows how Koenigsegg Group is to finance its purchase of Saab Automobile. Koenigsegg Group has previously missed around three billion in private capital to get Saab back on their feet, but according to Secretary of State Joran Hagglund seems the shortage has now been resolved.
……Joran Hagglund describes the new private money as a first step in Saab’s path towards the necessary loan of over four billion crowns from the European Investment Bank, EIB.
Now the loan application proceeds through EIB processes, which include stress testing of the business plan.
But given how tough the Swedish government have been with Saab, this is a significant moment and each of these milestones should be noted and celebrated.
This plan is coming together, people. It’s going to happen!
Thanks to Dippen and Fredrik!