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| Swedish car maker Koenigsegg may drive away Saab |
| Press Trust of India / New York Jun 12, 2009, 15:45 IST |
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Bankrupt General Motors is close to striking a deal for sale of its Swedish unit Saab to another Sweden-based entity Koenigsegg, says a media report.
The New York Times quoting a person close to the negotiations said General Motors is close to sell Saab to Koenigsegg, a manufacturer of high-end sports cars.
"We are still working on the deal ... It is not the done deal that some people in Sweden seem to think it is," the person told the daily on condition of anonymity because the agreement was incomplete.
"Saab then announced its intention to seek new investors who would take it over," it added.
General Motors filed for bankruptcy protection on June 1 and since then, have announced that it has reached tentative deals for the sale of two other brands — Hummer and Saturn.
The New York Times said that the Swedish government "has been cagey about supporting Saab with the upfront loan guarantees and capital injections that kept General Motors assets at work elsewhere. It prefers to wait for an actual sale".
The report noted that purchase of Saab would bring Koenigsegg, a small-volume maker of high-performance sports cars, into a new business.
"The company was founded by the Swedish entrepreneur Christian von Koenigsegg in 1994, and is known in the automotive world for its superfast cars and attempts to break speed records," it added.
Earlier this month, General Motors said it is in advanced discussions to sell its premium Hummer brand to Chinese group Sichuan Tengzhong Heavy Industrial Machinery for an undisclosed sum.
The auto maker also announced that it has reached a preliminary pact with Penske Automotive Group for selling Saturn.
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