Swedish Government To Start Talks With GM's Saab And Koenigsegg
June 16 2009 - 6:15AM
Dow Jones News
The Swedish government Tuesday said it is ready to discuss
providing Saab Automobile AB and its new owner, Swedish boutique
supercar maker Koenigsegg Group AB, with state credit guarantees
for loans from the European Investment Bank.
The announement was made shortly after General Motors Corp.
(GMGMQ) confirmed that it had agreed to sell Saab to Koenigsegg for
an undisclosed sum.
"The letter of intent between the parties mean that the National
Debt Office can now initiate negotiations with Saab and the new
owner about conditions for state credit guarantees for loans in the
European Investment Bank," the government said in a statement.
The guarantees would help facilitate EIB loans for projects
aimed to develop safe and environmental-friendly cars. Before a
decision to provide the guarantees can be made, the EIB needs to
approve the framework for the loans and the E.U. commission must
approve the terms for the state credit guarantees, it added.
Enterprise and Energy Minister Maud Olofsson said it was good
that questions regarding ownership have now been resolved.
"It's a decision that the company's employees, Trollhaettan, the
Vaestra Goetaland-region and the government has been waiting for,"
she said.
Company Web site: http://www.sweden.gov.se
-By Anna Molin; Dow Jones Newswires; +46 8 545 130 91;
anna.molin@dowjones.com