European Investment Bank approves £365 million loan
22 October 2009

Saab's takeover by Koenigsegg has moved a step closer after it secured a £365 million loan from the European Investment Bank.

Landing the additional funding fulfils essential condition of General Motors’ intended sale of the loss-making manufacturer to the Swedish supercar manufacturer, according to a report in the Financial Times.

The European Union-backed EIB said that the loan had been authorised to support research and development into improved efficiency and safety - but warned that the loan was subject to approval from the Swedish government and approval from the EU competition authorities.

Koenigsegg Automotive announced last month that it had entered into a consortium with China-based Beijing Automotive Industry Holding Co to boost its efforts to secure Saab.

Beijing Automotive has promised £250 million of investment and a deal to expand the Saab brand in China.

Tom Sharpe

Twitter - follow all the latest Toyota reviews, news and video

Find an Autocar car review

Driven this week

Add your comment

Log in or register to post comments

Find an Autocar car review

Driven this week