General Motors confirmed today that it has signed a conditional deal to sell its Saab brand to luxury supercar manufacturer Koenigsegg. The stock purchase agreement will give Koenigsegg 100 percent control of Saab after “closing conditions” are agreed upon. Along with support and guarantees from the Swedish government , Saab will get assistance from GM since it is [...]
North American investor Mark Bishop sold 22 percent of his stake in Koenigsegg, the luxury supercar automaker that plans to take the Saab brand off of GM’s hands. According to Swedish business daily Dagens Industri, Bishop had the second-largest stake in the company. “A new owner has taken over his shares and the negotiations between General [...]
Last week, Koenigsegg and General Motors reached a deal that give the Saab brand over to the small Swedish supercar manufacturer. “The sale, expected to close by the end of the third quarter of this year, includes an expected $600 million funding commitment from the European Investment Bank (EIB) guaranteed by the Swedish government,” GM [...]
GM’s sales of Saab to Swedish supercar manufacturer Koenigsegg is expected to be completed in the third-quarter of 2009. Under the new agreement, dealerships would continue selling vehicles under the new owner. However, Koenigsegg has the power to drop some dealerships as it sees fit, reports Automotive News. “As part of the proposed transaction, GM will [...]
A man named Baard Eker wants to give Saab its soul back. The Norwegian designer behind the bid for General Motors’ Saab says he wants to rejuvenate the “soul and spirit” of the profit-loosing Swedish brand. Eker, a Norwegian designer and entrepreneur bought a 45 percent stake in Koenigsegg in 2005 and currently owns 49 [...]
We already know that Swedish supercar manufacturer Koenigsegg has obtained the controlling interest in Saab. It won’t be long before Koenigsegg will start accessing Saab’s production facilities to produce their cars. According to Swedish website Realtid.se, Koenigsegg will use Saab’s production facilities to build a production model of the Quant EV concept car that made [...]
General Motors announced today that it has reached a preliminary agreement to sell its loss-making Saab brand to supercar manufacturer Koenigsegg. GM did not release any details on the price tag of the agreement but said that the sale will include guaranteed financing by Sweden. “The sale, expected to close by the end of the third [...]
Sichuan Tengzhong Heavy Industrial Machinery, the winning bidder for GM’s Hummer brand said that it expects the deal to be completed by October 2009. The company’s general manager Yang Yi, said that Tengzhong has no plans to transfer Hummer equipment and technology to China from the United States. He said that the company also has no [...]
It was reported last month that Koenigsegg was one of the potential buyers of General Motor’s Saab brand. Reuters said today that Swedish television is reporting that Koenigsegg and Norwegian investors have signed a letter of intent with General Motors to buy Saab. “The buyers have signed a letter of intent to buy Saab,” SVT said [...]
Other than Ira Rennert’s Renco Group and Fiat, luxury supercar maker Koenigsegg is among the remaining bidders for General Motors’ Saab brand. According to Swedish business daily, Dagens Industri, Saab has narrowed down its list of suitors to three and hopes to have a deal finalized in the coming weeks. “According to sources close to [...]
