The restructuring of the auto industry following the collapse of General Motors and Chrysler continued yesterday when GM confirmed it had signed a stock purchase agreement with Koenigsegg Group AB for the sale of 100 per cent of the shares of Saab Automobile AB.
The agreement is still subject to closing conditions including the expected funding commitments with the Swedish government’s support and guarantees as Saab moves towards independence. However, the deal is expected to complete in the coming months.
Under the proposed transition, GM and Saab will continue to share technology for a defined period with Saab about to launch several new cars it has developed with its parent company.According to Christian von Koenigsegg, the CEO of Koenigsegg Group, the plan is to transform Saab into a stand alone entrepreneurial company and make it profitable while revitalising the company’s Swedish heritage.
Koenigsegg is a Swedish manufacturer that makes a number of sports cars including the E85 optimised Koenigsegg CCXR Edition and an electric car concept called the Quant.
