Swedish government approves Saab deal
TT/Rebecca Martin · 7 Jul 2011, 09:52
Published: 07 Jul 2011 09:52 GMT+02:00
“Yes, we've made a decision that they can dispose of these properties and that they thereby get the financing to pay their suppliers," minister for enterprise and energy, Maud Olofsson, said in an interview broadcast live from Sweden’s political week in Almedalen on Thursday morning.
Last week Saab’s parent company Swedish Automobile signed an agreement to sell 50.1 percent of the shares in its property arm for 255 million kronor ($40 million), providing much needed cash for the crisis-hit Swedish car maker.
The buyer of the property is a consortium headed by Hemfosa Fastigheter, a Swedish property giant.
On Monday the European Investment Bank (EIB) announced its approval of Saab’s property sale, hoped to provide the company with the much needed cash-injection it sought to acquire through the deal.
The Swedish National Debt Office (Riksgälden) decided on Tuesday to approve Saab's request to sell shares in Saab Automobile.
"The state still has collateral to cover the guarantees provided, also without a pledge of shares in the current property," wrote the office in a statement released on Tuesday.
According to an official statement from the ministry of enterprise and energy dated Thursday the government has now approved the deal, leaving Saab free to sell and thereby pay suppliers in order to get production going again as soon as possible.