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Koenigsegg buys Saab

TT/The Local · 17 Aug 2009, 18:50

Published: 17 Aug 2009 18:50 GMT+02:00

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A share transfer agreement has already been signed in which Koenigsegg Group consents to purchase GM's shares in the troubled car maker, sources close to the deal told Sveriges Television (SVT).

The SVT report added that Saab had yet to secure financing as it awaits a response on major loan guarantees from the Swedish government.

Story continues below…

TT/The Local (news@thelocal.se)

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Your comments about this article

19:39 August 17, 2009 by Nemesis
This is good news.

Now the goverment needs to get its act together and support the deal.
20:13 August 17, 2009 by jack sprat
The govt needs to fully check the background of all parties involved before committing tax payers money to the project.
21:16 August 17, 2009 by Dorset
The government needs to stay away.
08:48 August 18, 2009 by Plowbridge H. Broad
Jack is correct in that Koenigsegg need to be fully transparent about their company's structure if they want to the Govt to provide financing. If they fail to do so then their creditworthiness will be severely impacted and make it impossible to secure the loans required now or in the future.
09:08 August 18, 2009 by byke
Nooooooo !

I dont think the government should step in here.
09:40 August 18, 2009 by Plowbridge H. Broad
If there is to be any future for Saab under these or any other new owners then major loans have to be acquired. As the government are the ones to provide financial guarantees for the loans then it is a basic responsibility to ensure the tax payers money is not being wasted and checks obviously have to be made.

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?
11:07 August 18, 2009 by Nemesis
For those of you who have no idea how transactions of this size and nature occur, some facts.

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.
16:13 August 18, 2009 by Leprehcaun
This is an interesting dilemma. The right wing has to stay away from this since they want to prove that they are different from the left but the majority of the population wants them to make sure this happens not matter what. They lose no matter what they choose to do and in the long run it would be better from a political perspective to stay away. I'm guessing they will stay away.

Democracy is BS. This is electorate dictatorship. Do what the majority wants !
16:48 August 18, 2009 by Kevgio
theyre just shuffling chairs on the titanic...waste if money and time.
12:47 August 21, 2009 by gobstopper
The government needs to stay out of this.

Koenigsegg needs to negotiate a better price and/or get outside investment.
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