Drive4U
Registration | Forgot pasword?Remember
РУС | ENG Add to favourites
About usABOUT US
NewsNEWS
Compare autoCOMPARE CARS
Automotive manufacturersMANUFACTURERS
TechnologyTECHNOLOGY
TuningTUNING
Classes
Compact class
Mid-size class
Business class
Luxury class
Minivan (MPV)
Crossover (SUV)
Off-roader
Van
Sportcar
Supercar



Main page / Automotive news / Saab / GM sells SAAB brand
Automotive manufacturers
Mitsubishi
Volkswagen
Mercedes-Benz
Toyota
Hyundai
Audi
Skoda
Honda
Nissan
BMW
Kia
Mazda
All manufacturers
Automotive news
News Saab

15:18, 17.06.2009

GM sells SAAB brand

General Motors and Koenigsegg Group AB reach Tentative Agreement on Saab...

  • Deal will secure Saab’s future
  • EIB expected to provide $600 million financing with state guarantee by the Swedish government
  • GM reinvention achieves another milestone

General Motors Corp. and Koenigsegg Group AB, a consortium led by Koenigsegg Automotive AB, today confirmed the details of a memorandum of understanding for the purchase of Saab Automobile AB that secures Saab’s future.

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. Additional support is to be provided by GM and Koenigsegg Group AB to fund Saab's operations and product program investments. This includes plans to launch several new products that are in the final stages of development. Saab had filed for reorganization under Swedish Law on Feb. 20, 2009. This tentative agreement is a key milestone for Saab to successfully emerge from its reorganization process.

"This is yet another significant step in the reinvention of GM and its European operations," said GM Europe President, Carl-Peter Forster. "Saab is a highly respected automotive brand with great potential. Closing this deal represents the best chance for Saab to emerge a stronger company. Koenigsegg Group's unique combination of innovation, entrepreneurial spirit and financial strength, combined with Koenigsegg's proven ability to create world-class Swedish performance cars in a highly efficient manner, made it the right choice for Saab as well as for General Motors."

As part of the proposed transaction, GM will continue to provide Saab with architecture and powertrain technology during a defined time period. Additionally, Saab plans to produce its next generation 9-5 models in the Saab production facility in Trollhättan, Sweden.

"The proposed agreement will enable us to maximize the brand’s potential through an exciting new product line-up with a distinctly Swedish character. Today’s announcement is great news for Saab’s current and future customers, dealers, suppliers and employees around the globe, said Jan Åke Jonsson, Managing Director of Saab Automobile AB.

The sale will be subject to customary closing conditions, including receipt of applicable regulatory, governmental and court approvals. Other terms and conditions specific to the sale are not being disclosed at this time. Deutsche Bank acted as financial advisor to General Motors Corporation.

General Motors Corporation

GM - is one of the world's largest automakers, was founded in 1908, and today manufactures cars and trucks in 34 countries. With its global headquarters in Detroit, GM employs 235,000 people in every major region of the world, and sells and services vehicles in some 140 countries. In 2008, GM sold 8.35 million cars and trucks globally under the following brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, Hummer, Opel, Pontiac, Saab, Saturn, Vauxhall and Wuling. GM's largest national market is the U.S., followed by China, Brazil, the United Kingdom, Canada, Russia and Germany. In Europe, GM sells its vehicles in over 40 markets. It operates 10 vehicle-production and assembly facilities in seven countries and employs about 50,000 people.

Koenigsegg Group AB

Koenigsegg Group AB is a consortium of private investors led by Koenigsegg Automotive AB. Koenigsegg Automotive AB manufactures supercars. It has representatives in Africa, Asia, Europe, the Middle East, North America, and the Oceania. The company was founded in 1994 and is based in Ängelholm, Sweden.

Comment
Comment
Any comment at this time

Add comment
Add comment
 

Add comment

  • Please, fill up all required fields.
  • Please, be polite with your inerlocutors
  • Fields with mark * are necessary
    User *  
     
     
    Comment *
     


    News
    General Saab

    22:26, 29.07.2009

    Ford Mustang AV-X10

    Ford Motor Company created a truly one-of-a-kind vehicle...

    22:14, 29.07.2009

    Kia VG

    The first images of new premium saloon

    02:27, 29.07.2009

    Ferrari 458 Italia

    The new concept of simplicity instead of Ferrari F430

    23:27, 27.07.2009

    Mercedes-Benz C-Class Special Edition

    New Mercedes-Benz C-Class Special Edition: Exquisitely dynamic, elegant and stylish...

    12:27, 27.07.2009

    Acura ZDX 2010

    Acura ZDX goes on sale this winter

    All news



    Latest
    Developed: Webstep D4U, Drive4U, Feel your drive - regestered trademarks
    Copyright © 2007
    Web-magazine d4u.com.ua
    E-mail:
    Using our materials allowed with placing of hyperlink to web-site Drive4u (d4u.com.ua) bigmir)net TOP 100