Saab goes home: GM sells the automaker to Swedish company


When General Motors (GM) laid out its restructuring plan back in June, one of the major elements in its resurgence was the decision to sell off some of its under performing brands. On Tuesday, the new GM announced that it has signed its first big deal to get rid of one of these gangrenous limbs. Koenigsegg Automotive AB, a Swedish high-performance car manufacturer has tentatively agreed to purchase the popular brand. If the deal goes through, Saab will probably go to Koenigsegg in September.

The deal, which is still conditional, hinges on a few uncertain elements, including a funding commitment from the European Investment Bank. This influx of cash would, in turn, be guaranteed by the Swedish government. The loan would be partially contingent upon Koenigsegg's ability to find a further $413.6 million to fund the sale.