While General Motors’ deal to sell its German Opel brand to Canada’s Magna International hangs in the balance, GM’s bid to sell its ailing Swedish Saab brand got a boost on Wednesday from the European Investment Bank.
The European Investment Bank – the European Union’s financing arm – announced on Wednesday that it has approved a $599 million loan for Saab. The cash injection is expected to be enough to complete the sale of Saab to a group of investors led by Koenigsegg Group AB.
“The loan to Saab has been approved,” an EIB spokesman told Reuters.
Koenigsegg Group AB is made up of several investors, the most notable being Swedish supercar maker Koenigsegg. However, China’s Beijing Auto recently took a stake in Koenigsegg, giving the Chinese automaker access to Saab technology, including the company’s previous-generation 9-5.
10/21, 12:41 PM
posted by:
JSi
dammit! save saab from the chinese!
10/21, 12:49 PM
posted by:
leftwingagenda
biased much?
10/21, 1:02 PM
posted by:
carstuff
Leftwing, we are in a financial war with other countries. We had been winning for 50 years but we started losing in the 70’s when all the imports started. We had a chance with Japan and Germany because they pay similar pay to their workers but China and Taiwan and India are different. We are gonna lose if we do not do something drastic.
10/21, 1:21 PM
posted by:
johnnycanuck
I have to hand it to you leftwing… not many guys can stir the pot around here with only two words, especially when neither of which are even remotely profane. I’ll bet you were a master debater in college!
Oh… Borat… that was master debater not… well, you know.
10/21, 1:40 PM
posted by:
Go Saab
@carstuff: And who are “we”? The US and GM? Well, you sold of the stuff that were worth something and kept the crap. Not the best way to win that “war”.
10/21, 1:54 PM
posted by:
leftwingagenda
hehe…i have to admit, i did feel a little bit guilty about that one…but it was that “i’m being naughty and i like it” guilt…which really isn’t guilt at all…
i totally agree with carstuff that we’re at war economically (and i’ve argued here repeatedly that our over-emphasis on military might is short-sighted in light of this), but this loan helps dump junk off of GM’s books, and GM is one of our weapons in this war – a weapon that is very effective in china right now, no less…soooooo…in my cost/benefit analysis this is a positive move for us, even though the chinese are financially involved in saab….they are now shouldering the inherent risk of saab and hummer ownership, as opposed to us…
10/21, 2:09 PM
posted by:
A4
Real naughty, Glenn Beck.
10/21, 3:38 PM
posted by:
leftwingagenda
oh, how dare you!
10/21, 4:24 PM
posted by:
Go Saab
“they are now shouldering the inherent risk of saab and hummer ownership, as opposed to us…”
The “risk” of a 600 million dollar loan, guaranteed with assets and not the tax payers? In contrast to the how-many-tenths-of-billions-of-dollar bailout without guarantees whatsoever that US taxpayers had to accept?
10/22, 12:06 AM
posted by:
bigdman
Man… i’m chinese and i’m fearing chinese will take over the world (ESPECIALLY the automotive world)… cause i’ve lived there and to see people like them taking over the cars i buy…
I don’t know… i’m just scared…
10/22, 12:20 PM
posted by:
85ZingoGTR
It’s ok. They said they wanted access to SAAB technology. As long as they keep their technology out of the SAABs.