Saab sale closer

The future of Saab is looking brighter this morning with confirmation the General Motors Europe has agreed to terms with wanna-be owners Koenigsegg. Now the only stumbling block appears to be whether or not Koenigsegg can get the money it needs together in time.

While both parties have agreed to an undisclosed price for 100 per cent of GM's shares in the Swedish brand, there has still not been any transfer of cash. Koenigsegg is believed to be waiting on assistance from the Swedish government.

According to reports Koenigsegg requires an almost-US$600million loan from the European Investment Bank which in turn necessitates loan assurances from the Swedish government; assurances that have so far not been confirmed.

For his part Koenigsegg Group CEO, Christian von Koenigsegg, is confident that the deal will be given the go-ahead and believes he can turn the beleaguered Saab brand around.
 
"We have now concluded another important step in realising the great potential of Saab," von Koenigsegg said. "Our plan is to transform Saab into a stand-alone vibrant entrepreneurial company and make it 'sustainable' by making it profitable. We will revive Saab's Swedish heritage of ecological sensitivity, safety, design innovation and 'fun to drive' experience!" 

GM Europe appears pleased to have off-loaded the under-performing brand as part of its continued downsizing.

"This contract is an important step in the journey to a potential deal, said Carl-Peter Forster, president of GM Europe. "Saab's great cars, its unique design, safety- and engine-technology, as well as its excellent brand image, combined with Koenigsegg Group's unique combination of innovation and entrepreneurial spirit, bode well for a successful future for the brand. 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."

Understandably Jan Åke Jonsson, managing director of Saab, was relived to sure up the future of the company.

"This is excellent news for everyone connected to Saab around the globe," Jonsson said. "This is an important step to secure jobs and our long-term future as a Swedish carmaker. In the short-term, it will enable us to move forward with exciting new cars starting this month with the all new Saab 9-3X."

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