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.
