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General Motors (NYSE: GM) Close to Deal to Sell Saab to Koenigsegg Automotive AB
General Motors Corp. (NYSE: GM) is close to a deal to sell its Saab brand to Swedish automaker Koenigsegg Automotive AB, but nothing has been finalized yet, according to reports Thursday.
Swedish broadcaster SVT reported that Swedish luxury sports car maker Koenigsegg Automotive AB and Norwegian investors are planning to purchase Saab from the troubled American automaker.
Saab went into creditor protection Feb. 20 in an effort by GM to spin off or sell the unit. Saab confirmed last month that three bidders remained in the sales process and that they expected to complete the sale by the end of June.
The three bidders reportedly in the lead to buy Saab were Koenigsegg; The Renco Group Inc., a private equity firm; and Merbanco Inc., a Wyoming-based group of investors.
General Motors filed for bankruptcy protection June 1 and has said it plans to shed its Saturn, Hummer, Pontiac and Saab brands to focus on four core brands: Chevrolet, Cadillac, Buick and GMC.
Last week, GM said it found a buyer for Hummer in
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