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February 14, 2012
Koenigsegg buys Saab
Published: 17 Aug 09 18:50 CET | Double click on a word to get a translation
Online: http://www.thelocal.se/21524/20090817/
The Koenigsegg Group, a consortium led by the Swedish sports car manufacturer of the same name, confirmed late on Monday evening that it has signed a binding deal with General Motors to seal the purchase of Saab Automobile, Dagens Industri reports.
- Koenigsegg silent over ownership rumours (13 Aug 09)
- Saab sales in Sweden near rock bottom (3 Aug 09)
- Saab hits brakes amid cash crunch (30 Jun 09)
The SVT report added that Saab had yet to secure financing as it awaits a response on major loan guarantees from the Swedish government.
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Now the goverment needs to get its act together and support the deal.
I dont think the government should step in here.
This can not go ahead without them so not wanting the govt involved means that Saab will go under. Not really a great alternative is it?
In deals of this nature it is not uncommon for a goverment to give loan guarentees, particulary during times of economic crisis, so as to ensure that all creditors, debtors and business partners can be assured that all investments are safe.
In the UK, it happens all the time. For those of you who say it does nto ahppen in the US, it does. Individual states give guarantee's to multinationals quite often.
The Swedish goverment has to give a govement guarentee to the banks giving the loans and particulary those holding SAAB debt, so as to allow business to continue, as SAAB has built up a lot of debt.
Koenigsegg Group is not only taking over SAAB, they are also taking over all SAAB's debts. Koenigsegg Group needs guarentee's from the Swedish goverment so as to give the banks reassurance. This is turn will allow the banks to give credit, upon completeion of the deal.
Democracy is BS. This is electorate dictatorship. Do what the majority wants !
Koenigsegg needs to negotiate a better price and/or get outside investment.