GM Purchase Agreement with Saab Automobile

General Motors (GM) confirmed Tuesday that it has signed a stock purchase agreement with Swedish sports carmaker Koenigsegg regarding the sale of Saab Automobile.

GM expected the deal to be concluded in the next few months, the U.S. automotive giant said in a statement.

"We will continue to work with all parties to define the final details and ensure a fast closure of the deal," Carl-Peter Forster, president of GM Europe, said in the statement , Xinhua reports.

Meanwhile, Joran Hagglund, a state secretary at Sweden's Enterprise Ministry and the government's main liaison to the auto industry, said the agreement was a positive step to clearing up the question of Saab's ownership but cautioned that "several steps" remain before Saab can get a necessary loan from the European Investment Bank.

"The most decisive factor" is whether Koenigsegg can raise additional capital required, Hagglund said, declining to say how much was needed , reports.

However, 1990 - The Saab car division is restructured into an independent company, Saab Automobile AB, with headquarters in Sweden. Investor AB and General Motors own 50 percent each.

2000 - GM buys the remaining 50 percent stake in Saab , Reuters reports.

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