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

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