China's BAIC joins Koenigsegg in takeover of GM's Saab unitSeptember 9th, 2009 China's BAIC joins Koenigsegg in Saab takeoverSTOCKHOLM — China's Beijing Automotive Industry Holdings has struck a preliminary deal to become a minority stakeholder in Koenigsegg Group AB's takeover of Saab Automobile from General Motors Corp. Koenigsegg says in a statement Wednesday that the Chinese automaker has signed a memorandum of understanding to become "a non-controlling minority shareholder in Koenigsegg Group."
Koenigsegg has been looking for additional financing to complete its takeover of Saab.
GM seals deal to sell Saab to Sweden's Koenigsegg GroupAugust 18th, 2009 GM seals deal to sell Saab to KoenigseggSTOCKHOLM — General Motors Corp. said Tuesday it has signed an agreement to sell its unit Saab Automotive to Sweden's Koenigsegg Group AB, confirming an announcement in June, although government officials warn that more capital is needed before the deal can be closed.
Sweden's Saab posts drop in Q2 profits, order bookings fallJuly 24th, 2009 Sweden's Saab posts Q2 drop in profitsSTOCKHOLM — Second-quarter profits at Swedish aerospace and defense group Saab AB dropped 14 percent due to weaker demand, project delays and order cancellations, the company said Friday. The figures were not as bad as expected, however, causing shares to rally.
Sweden's Saab posts drop in 2Q profits, order bookings fallJuly 24th, 2009 Sweden's Saab posts 2Q drop in profitsSTOCKHOLM — Second-quarter profits in Swedish aerospace and defense group Saab AB more than halved on weaker demand, project delays and order cancellations, the company said Friday. Despite the drop, Stockholm-headquartered Saab said it expects sales for the full year 2009 to be higher than in 2008.
General Motors' brands on the chopping blockJuly 6th, 2009 General Motors' brands on the chopping blockA summary of what brand General Motors is shedding as it exits Chapter 11 bankruptcy protection:
WHICH BRANDS ARE SLATED TO GO?: Pontiac, Hummer, Saab and Saturn. WHERE DO THEY STAND?: GM said it would stop making Pontiac brand cars.
GM inks deal to sell Swedish Saab unit to investors, analysts say rough road lies aheadJune 17th, 2009 New investors face tough road ahead to right SaabDETROIT — For the new owners of Saab Automobile to make money selling small numbers of cars across the globe, they have to return to the Swedish automaker's roots, industry analysts say. Somehow, a consortium of investors led by custom sports car maker Koenigsegg Automotive AB must restore Saab to the quirky, cutting edge and reliable brand once favored by professionals who wanted to look smart rather than wealthy.
Saab's creditors accept write-down of $1 bln debt after news about new ownerJune 17th, 2009 Saab's creditors accept $1 bln debt settlementSTOCKHOLM — GM unit Saab's creditors on Wednesday approved the write-down of 8.1 billion kronor ($1 billion) of the Swedish car maker's debt as part of the company's reconstruction. Saab Automobile AB spokeswoman Gunilla Gustavs said 81.5 percent of creditors approved the settlement at a hearing in the Vanersborg district court in southwest Sweden.
General Motors chief says global markets stabilizing slowlyJune 16th, 2009 GM CEO says signs of market stabilization visibleDETROIT — General Motors Corp. CEO Fritz Henderson said Tuesday that U.S.
GM signs deal to sell Swedish unit Saab to luxury sports carmaker KoenigseggJune 16th, 2009 GM agrees to sell Swedish unit Saab to KoenigseggSTOCKHOLM — Saab Automobile, General Motors Corp.'s struggling Swedish unit known for its family cars, was rescued Tuesday by a consortium led by Koenigsegg Automotive AB, a tiny luxury carmaker which produces only a dozen custom-made models a year. GM said in a memorandum of understanding that the sale would include an expected $600 million funding commitment from the European Investment Bank, guaranteed by the Swedish government.
GM signs deal to sell Swedish unit Saab to super car maker KoenigseggJune 16th, 2009 GM to sell Swedish unit Saab to KoenigseggSTOCKHOLM — Saab Automobile, General Motors Corp.'s struggling Swedish unit known for its family cars, was rescued Tuesday by a consortium led by Koenigsegg Automotive AB, a tiny company that produces only a dozen custom-made super cars a year. Having penned a memorandum of understanding, GM said the sale would include an expected $600 million funding commitment from the European Investment Bank, guaranteed by the Swedish government.
GM says purchasing chief Andersson leaving immediately to pursue other career opportunitiesJune 12th, 2009 General Motors' top purchasing exec steps downDETROIT — General Motors Corp.'s top purchasing executive abruptly stepped down Friday to pursue what the company said were other career opportunities. Bo Andersson, 53, group vice president of global purchasing, left GM immediately, and the automaker said a replacement would be named soon.
GM's Saab says talks 'on track' to find new owner; reports say Swedish Koenigsegg plans to buyJune 12th, 2009 Saab says negotations 'on track' to find new ownerSTOCKHOLM — General Motors Corp.'s Saab unit said a deal to find a new owner was "just around the corner" but added that nothing has been finalized and didn't name any potential buyers. In a statement on its Web site Friday titled "A new investor for Saab?" the Swedish unit said it was moving closer to a deal to secure the future of the ailing brand.
AP source: Chinese auto company considering bid for Ford's Volvo unitJune 11th, 2009 AP source: Chinese auto company looking at VolvoDETROIT — A person briefed on the matter said Wednesday that a Chinese automaker is considering buying Ford Motor Co.'s Volvo unit. The person said Beijing Automotive Industry Holding Co.
AP source says GM nearing deal to sell Saab; reports say Swedish carmaker Koenigsegg a bidderJune 11th, 2009 AP source: GM nearing deal to sell Saab unitDETROIT — General Motors Corp. is nearing a deal to sell its Saab unit, but nothing has been finalized, a person briefed on the negotiations said Thursday.
GM says it has 16 potential buyers for Saturn brand as automaker refocuses on promising assetsJune 2nd, 2009 GM says it has 16 potential buyers for SaturnDETROIT — General Motors Corp. says it has 16 buyers interested in purchasing its Saturn brand, while three parties are interested in the Swedish Saab brand.
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