STOCKHOLM, Sweden — The Swedish supercar builder Koenigsegg appears to have cleared its final hurdle in acquiring Saab from General Motors, with the news this week that the Swedish government has agreed to guarantee a $600 million loan from the European Investment Bank. The EIB is scheduled to make a final decision on the loan by October 21.
Owner Christian Koenigsegg, working with a consortium of investors in Europe, the U.S. and China, had reached a preliminary agreement in June to purchase Saab from GM for an undisclosed amount. The deal, according to both parties, was dependent on the EIB loan and had been slated to close in late October.
Under terms of the agreement, GM will continue to supply technology and parts to Saab, including support for the new Saab 9-4X crossover that is going into production in Mexico and the redesigned 2010 Saab 9-5 sedan that was shown at the 2009 Frankfurt Auto Show and will be assembled at Saab's home plant in Trollhättan, Sweden. GM also has nearly completed development on the next-generation Saab 9-3 sedan, which continues to be based on GM's Epsilon global midsize architecture.
A potential sticking point may be Koenigsegg's proposed partnership with China's state-owned Beijing Auto, announced last month. The deal would give Beijing Auto, which is partnered in China with Hyundai and Daimler, a minority interest in Koenigsegg Group.
According to the Wall Street Journal, Beijing Auto has proposed building Saab vehicles in China and would like to acquire GM technology for its own-brand vehicles.
An earlier bid by Beijing Auto to acquire Opel from GM fell through this summer over the issue of intellectual property rights. Beijing Auto also has expressed an interest in acquiring Volvo from Ford.
Inside Line says: It looks like the Swedish government could help secure a decent future for both its auto brands in the post-Detroit era. — Anita Lienert, Correspondent
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