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Sweden’s SVT Covers Completed Saab Sale By GM

Posted on 17. Aug, 2009 by .

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Sweden’s SVT covers the completed Saab Automobile sale by General Motors.

The deal will be presented on Tuesday, but the financial situation has still not been resolved until the European Investment Bank funds have been granted.

Here is the loose translation via Google translate:

Now, GM and Koenigsegg Group made up of Saab, as sources of reference. The deal will be presented on Tuesday, but still remains an obstacle and it is funding.
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A share transfer agreement is signed where Koenigsegg Group for an undisclosed sum taking over the American automotive company General Motors shares in Saab Automobile. The deal also includes a host of agreements on transfer of technology and services between Saab and GM and is described as very complicated.

Hope pretext
The agreement hopes Saab management on a turnaround for the company and that it was already the end of the week to come out of the reconstruction which it finds itself in.

It has been devastating for the sale of Saab Cars and Saab’s management has therefore worked hard to get the company back on its feet. It is important to bring back customer confidence for the important launch of the new Saab 9:5 used to show up on car show in Frankfurt in the middle of next month.

Funding is not clear
Still, however, the most important piece of Saab’s survival and it is funding. Saab has submitted the application to the European Investment Bank EIB for a loan of 600 million dollars or 4.4 billion kronor. But to get the loan must Saab have government guarantees, and there are still ongoing negotiations with riksgälden. Ultimately, it is government that must make the crucial decision.

September 22 must all be ready for then, the Governing Board of the EIB deal with the matter.

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