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GM confirms 'tentative' Saab sale

Date: 16 June 2009

General Motors has announced what it calls a "tentative agreement" on the sale of its Saab brand to Swedish supercar manufacturer Koenigsegg.

The two have signed a memorandum of understanding for the purchase of Saab Automobile AB that secures the brand's future, with the sale expected to be confirmed by the end of the third quarter of 2009. The deal is expected to include a $600m (£369m) "funding commitment" from the European Investment Bank, with additional support from GM to help launch models already in the final stages of development.

"This is yet another significant step in the reinvention of GM and its European operations," said GM Europe president, Carl-Peter Forster. "Saab is a highly respected automotive brand with great potential. Closing this deal represents the best chance for Saab to emerge a stronger company."

As part of the proposed transaction, GM will continue to provide Saab with architecture and powertrain technology during a defined time period.