Sweden says to guarantee EIB loans to Saab

STOCKHOLM Tue Jan 26, 2010 2:02pm EST

STOCKHOLM Jan 26 (Reuters) - The Swedish government said on Tuesday it had agreed to grant guarantees for the European Investment Bank loans seen as key for Dutch sportscar maker Spyker's SPYKR.AS purchase of Saab from General Motors [GM.UL].

"Now the deal between Spyker and GM has been finalised, so the government has today taken the decision to give loan guarantees to Saab Automobile," Enterprise Minister Maud Olofsson told a news conference less than an hour after GM confirmed it had inked a deal with Spyker.

GM did not announce the details of the deal, but a source familiar with the matter said Spyker would buy Saab for $400 million, $74 million of which is in cash, with the rest in deferred shares.

The source also said the deal is subject to a Swedish government guarantee on a 400 million euro ($564 million) loan from the European Investment Bank.

Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.