Filed under: China, Europe, Saab
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It had been reported that SAIC had quietly taken a stake in Saab
in conjunction with the Koenigsegg Group. However, it's been confirmed that Beijing Automotive -- which also recently made a play for Opel -- has grabbed a share of the Trollhätten pie.
BAIC provided the $400 million difference in cost that Koenigsegg needed to complete the sale and the final financial hurdle is for the Swedish government to guarantee a $600 million loan from the European Investment Bank to Koenigsegg.
Those kinds of numbers mean that Saab will be more expensive than Aston Martin, which might sound a little odd -- especially for a company that sold just 93,000 cars last year. But the tie to BAIC -- and Russia, Augie Fabela, a cell-phone company magnate -- could open up two enormous markets that will give Saab access to market numbers that could justify its purchase price and existence. Full press release from Koenigsegg after the jump.
[Source: Koenigsegg]
Continue reading REPORT: China's Beijing Automotive takes minority stake in Saab
REPORT: China's Beijing Automotive takes minority stake in Saab originally appeared on Autoblog on Wed, 09 Sep 2009 13:28:00 EST. Please see our terms for use of feeds.
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