Koenigsegg moves closer to Saab takeover

Koenigsegg Group AB, a consortium of investors which counts the Swedish super-car manufacturer Koenigsegg Automotive AB among its members, has moved a step closer to buying Saab from General Motors.

The two groups have signed a stock purchase agreement for the sale of Saab Automotive AB and the transaction is expected to be completed by the end of this year, provided that the Swedish government provides certain guarantees and support. Saab will continue to work closely with General Motors via licences and service agreements, as its existing products and the new models it has in the pipeline were developed under GM and use GM parts and technologies.

GM ownership has provided Saab, one of the smaller mainstream manufacturers in global terms, with a certain degree of protection against the harsh competitive forces that prevail in the motor industry - but at the expense of diluting the Saab's previously distinctive identity somewhat. Provided the numbers can be made to stack up, Koenigsegg, a nimble, engineering-led Swedish outfit, could just be the right owner to restore Saab's particularly quirky brand of magic.