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China's BAIC buys in to Saab
09 September 2009
Beijing Automotive Industry Company (BAIC) has signed a deal to take a stake in Koenigsegg Group AB.
The deal has been struck to help finance Koenigsegg's bid to takeover Saab Automobile.
"This is an important step on the road toward a new Saab. We have a well prepared business plan, an important partnership and we are ready to proceed without state financing," Koenigsegg CEO Christian von Koenigsegg said in a statement.
No financial terms of the memorandum of understanding between Koenigsegg Group and BAIC were given.
However, the two companies have said they plan to work together on expanding Saab's and BAIC's products in China and other international markets.
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