“Saab Deal Financed”
The Swedish government has said that the takeover of Saab Automobiles by Swedish Koenigsegg Group is financially secured. Jöran Hägglund of the Swedish Ministry of Enterprise told Swedish Radio news that the consortium headed by sports car maker Koenigsegg has presented a financing plan for the deal to the government.
Koenigsegg Group signed a deal to buy the ailing Swedish car brand from GM in August, but said about $US 420 million were missing before it could conclude the deal. Hägglund said the government is now reviewing the details of the financing plan, but didn't reveal who was injecting the extra cash.
Saab spokesman Eric Geers said the company would present the new investor shortly. Geers expects the acquisition to be completed before Oct. 31st.