Koenigsegg among final bidders for Saab

• Source: Shanghai Daily
• [09:18 June 15 2009]
• Comments

One of the main owners of Sweden's Koenigsegg Automotive AB has confirmed that the luxury sports car maker is among the final bidders for General Motor Corp's Saab unit.

Baard Eker told Norwegian tabloid Dagbladet that although a final deal to buy the Trollhattan, Sweden-based GM subsidiary is not yet in place, his company would have the financial backing to pull the acquisition off.

"There have been many processes going on at the same time to get the buy together," he said, adding hurdles could still pop up before anything is finalized.

"We think it is possible and we have several good solutions to bring with us to Saab," he said. "But I don't want to comment on financial sums or who it is we have with us."

Earlier on Thursday, Swedish broadcaster SVT cited unnamed sources as saying Koenigsegg, along with Norwegian investors, had signed a declaration of intent to buy Saab.

Neither Saab nor Koenigsegg has confirmed the report that suggests it is already a done deal.

On Friday, Saab issued a statement saying "there has been no official announcement relating to any potential investors but rest assured our negotiations are on track."

Saab went into creditor protection on February 20 in an effort by GM to spin off or sell the unit. Saab confirmed last month that three bidders remained in the sales process.

The three bidders reportedly in the lead to buy it are Koenigsegg, Renco Group Inc, and Merbanco Inc.