ZURICH, Switzerland — GM Europe on Tuesday put an end to weeks of uncertainty concerning Saab's future with word that it has struck a deal to sell its Swedish subsidiary to Koenigsegg Group AB.
A preliminary deal for the sale had been announced in June, but there was concern about the level of support for the bid from Koenigsegg's backers.
The two companies this week signed a stock purchase agreement that would give Koenigsegg, a small Swedish supercar manufacturer, 100 percent of the shares of Saab Automobile AB, GM Europe said.
"This contract is an important step in the journey to a potential deal," said Carl-Peter Forster, president of GM Europe, in a statement." We will continue to work with all parties to define the final details and ensure a fast closure of the deal, which we expect to take place in the next few months.
"The closure of the deal is contingent on funding commitment from the European Investment Bank, guaranteed by the Swedish government."
However, Koenigsegg on Tuesday told Reuters that the automaker expects to close the Saab deal in about a month.
"We have not concluded another important step in realizing the great potential of Saab," said Christian von Koenigsegg, CEO of Koenigsegg Group, in a statement. "Our plan is to transform Saab into a stand-alone vibrant entrepreneurial company and make is 'sustainable' by making it profitable."
The GM Europe statement also noted that "Saab is about to launch several new cars, developed with General Motors, that are in the final stages of development." It said the new Saab 9-3X is still on target for launch this month.
Inside Line says: Saab's future appears to be a bit more certain, although the deal is not quite signed, sealed and delivered at this point. — Anita Lienert, Correspondent
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