Koenigsegg still on track to buy Saab from GM

Koenigsegg has clarified its position on the purchase of Saab from General Motors this weekend saying it is still on track to finalise the deal by the end of October.
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Mr Christian von Koenigsegg, CEO and part owner of the Swedish luxury sports car maker, also said good progress had been made in talks to secure Swedish state guarantees for billions of crowns of loans from the European Investment Bank (EIB).

"Our deadline for the deal still remains the end of October as we have previously said," said Mr von Koenigsegg.

One of Koenigsegg's main owners was quoted by a newspaper on Saturday as saying the company could pull out of its planned purchase unless steps to secure loans were in place by Wednesday.

Norwegian businessman Bard Eker, who owns part of Koenigsegg through his holding company, told Swedish publication Dagens Industri that progress was needed on the EIB loans that Koenigsegg needs to finalise the Saab deal.

"If everything is not in place before Wednesday we are out. We give up," Mr Eker wass quoted as saying.

CarAdvice will keep you posted on any updates as they come to hand.

With Reuters