Wednesday, June 17, 2009

G.M. Sells Saab

David Jolly of The New York Times reports:
"General Motors announced Tuesday that it had agreed to sell its Swedish unit, Saab Automobile, to a consortium led by the sports car maker, Koenigsegg Automotive.

"The companies said a deal was contingent on $600 million of financing from the European Investment Bank that is to be guaranteed by the Swedish government. They did not release further financial details of the deal, which is expected to close in the third quarter."

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