Saab Transaction To Be Completed By End of October

Posted on 04. Sep, 2009 by Ryan in 2000-2009

Photo Credit: Stefan Bennhage / TTELA

The Saab-Koenigsegg transaction is to be completed by the end of October says, Saab Automobile AB Managing Director, Jan-Ã…ke Jonsson in an interview with TTELA.

This news coincides with what the European Investment Bank told Saab History just a few weeks ago.

Saab Transaction Completed By The End of October

The new Saab owner Koenigsegg Group’s financial strength has been a major issue, since Christian von Koenigsegg, a few weeks ago made it clear that they lacked in the order of three billion U.S. dollars to finance its business plan for Saab.

Then, the team have been using both the old and the owner of GM as the Swedish government to close the gap, which is widely interpreted as to Koenigsegg does not have the financial strength to implement the deal.

But much now suggest that rather The move was an attempt to tough bargaining tactics, an attempt to get the government to make additional loans. For now, just two weeks later, it suddenly sounds like Koenigsegg Group actually has the required funding.

Tell me about their plans
It was in any case, the message that Saab’s Managing Director Jan Ã…ke Jonsson brought with him to Major Supplier Day in Södertälje yesterday.

- Since we identified this gap (in funding, prepared notes) for two 2.5 weeks ago, we have worked extremely hard with the new owner, with GM and with other stakeholders to resolve this. And I can say that we are now very close to having all the funding, “said Jonsson.

According to the Saab CEO will also new owner finally go out publicly and talk about their plans and how the funding looks.

- I am convinced that within a few weeks can go out and communicate this, “said Jonsson.

The approximately three billion taken in funding is a result of Saab’s business more onerous compared to the plan from Saab in the spring.

A focus on ownership
It states, in turn, be due to the new owner Koenigsegg want to make bigger and faster investments in environmental technology.

- They have a slightly more conservative view on volume and margins, but would speed up environmental efforts, “Jonsson said about how the business plans were changed.

Saab’s CEO is now a view to the change in ownership between GM and the Koenigsegg Group to be completed by 31 October.

This implies in turn that the funding actually dissolves, and the Debt Office, the government and ultimately the European Investment Bank (EIB) has not put spokes in the wheel for the loan of just over four billion kronor Saab need.

Clearance from the EIB is expected October 21.

Tags: Automotive Component Group, CEO, Christian Von Koenigsegg, Director, Jan, Director, Jan-Ã, GM, Investment Bank, Koenigsegg Group, Major, managing director, Saab Automobile AB