China’s Beijing Automotive buys stake in Koenigsegg to help complete Saab purchase

Koenigsegg

Just last month, Koenigsegg Group AB and General Motors Company signed a stock purchase agreement will give Koenigsegg 100 percent control of Saab. Koenigsegg announced today that¬†China’s Beijing Automotive Industry Holdings Co. (BAIC) has signed a deal to take a stake in Koenigsegg to help finance the bid to take over Saab from GM.

“Under the terms of the MOU, BAIC would become a non-controlling minority shareholder in Koenigsegg Group. Koenigsegg Group will own 100 per cent of SAAB Automobile AB,” Koenigsegg said in a statement.¬†“The intention is to conclude an agreement later this year.”

“This is an important step on the road toward a new Saab. We have a well prepared business plan, an important partnership and we are ready to proceed without state financing,” Koenigsegg CEO Christian von Koenigsegg said.

The investment will also help “explore growth opportunities in the Chinese and international markets for the products of Saab.”

– By: Omar Rana