GM sale of Saab looms as Koenigsegg steps up
9:33 AM Fri, Jun 12, 2009 | Permalink
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STOCKHOLM - General Motors is close to selling loss-making Swedish unit Saab after tiny supercar maker Koenigsegg agreed to ride to the rescue, a source familiar with the talks told Reuters. A deal would put a company of less than 50 employees turning out a handful of $1 million supercars in charge of Saab, which produces that many family cars every hour. Sweden would also likely join other governments backing swift rescues of their biggest car companies with state guarantees to help save jobs and one of the country's biggest brand names. Koenigsegg, whose slinky supercars can top 400 km/h (240 mph) and rank in Forbes magazine's list of the world's 10 most beautiful cars, is backed by Norwegian investors, a source told Reuters on Thursday. The two sides have signed a letter of intent and financing has been agreed, leaving only minor issues to be resolved, the source said. 
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