Sweden's Koenigsegg has closed its purchase of Saab from America's General Motors according to a report from Reuters Newsagency this afternoon.

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Although financing arrangements have yet to be finalised, the sale was agreed upon at an unannounced price sources claim to be "very low".

"The price tag is non-existent but GM has a deal that grants them revenues as well if Koenigsegg manages to get Saab back on its feet," a source close to Saab said.

The deal requires the Swedish government to guarantee a loan by Saab from the European Investment Bank. The bank is expected to process Saab's loan application by end-September.

Sweden said on August 7th that it had received information on a possible pullout of investors backing the deal. But there has been no further statement by the government on the issue since then.

With: Reuters