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Swedish gov't: Koenigsegg has secured financing to close acquisition of Saab from GM

STOCKHOLM - Koenigsegg Group AB has secured the extra financing needed to complete the acquisition of Saab Automobiles from General Motors Corp., the Swedish government said Monday.

STOCKHOLM - Koenigsegg Group AB has secured the extra financing needed to complete the acquisition of Saab Automobiles from General Motors Corp., the Swedish government said Monday.

Joran Hagglund, a senior official at Sweden's Ministry of Enterprise, told Swedish Radio that the consortium headed by sports car maker Koenigsegg has presented a financing plan for the deal to the government.

Koenigsegg Group signed a deal to buy the troubled Swedish car brand from GM in August, but said about 3 billion kronor ($417 million) were missing before it could conclude the deal.

Around the same time, documents filed with the Swedish Companies Registration Office revealed that San Diego-based investor Mark Bishop had opted out of the deal. Bishop had initially been registered with a 22.2 per cent ownership share in Koenigsegg Group.

Hagglund said the government is now reviewing the details of the financing plan, but didn't reveal who was injecting the extra cash.

Saab spokesman Eric Geers said the company would present the new investor shortly and said it expects the acquisition to be completed before Oct. 31.

According to the initial registration in June, Koenigsegg Group's shareholders included Koenigsegg Automotive AB with a 23.4 per cent stake, its owner and CEO Christian von Koenigsegg's firm Alpraaz AB with 42.6 per cent, Norwegian holding company Eker Group with 11.8 per cent and Bishop with 22.2 per cent.

A new investor hasn't yet been registered at the registration office.

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On the Net:

www.koenigsegg.com

http://www.saab.com

 
 
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