GM confirms Saab's sale to Swedish carmaker

• Source: Xinhua
• [08:28 August 19 2009]
• Comments

General Motors (GM) confirmed Tuesday that it has signed a stock purchase agreement with Swedish sports carmaker Koenigsegg regarding the sale of Saab Automobile.

GM expected the deal to be concluded in the next few months, the US automotive giant said in a statement.

"We will continue to work with all parties to define the final details and ensure a fast closure of the deal," Carl-Peter Forster, president of GM Europe, said in the statement.

"The closure of the deal is contingent on the funding commitment from the European Investment Bank (EIB), guaranteed by the Swedish government," he added.

The US auto giant signed a tentative agreement to sell Saab to Koenigsegg on June 16.

Saab Automobile's reconstruction began in February when the firm's owner GM announced that it would cut off support to Saab by the end of the year.