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September 9, 2009

SWEDEN: Newspaper names FAW as backer for Saab deal

Swedish newspaper Dagens Nyheter reported that First Auto Works is the Chinese carmaker set to help finance luxury sportscar maker Koenigsegg's planned purchase of Saab Automobile from General Motors.

Swedish newspaper Dagens Nyheter reported that First Auto Works is the Chinese carmaker set to help finance luxury sportscar maker Koenigsegg’s planned purchase of Saab Automobile from General Motors.

The newspaper did not name its sources and added that FAW would provide the last part of the financing needed for the deal, without saying how much the Chinese company would contribute.

GM signed a deal last month to sell its Saab car business to Koenigsegg, but questions have remained regarding financing.

Earlier this week sources told Reuters that Shanghai Automotive Industries Corp, GM’s joint venture partner in China, was most likely to take a passive stake in the Swedish carmaker.

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