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Sweden’s Guarantee of Saab EIB Loan Wins EU Approval

Posted by: Timothy Tibbetts on: 02/08/2010 10:47 AM [ Print | 0 comment(s) ]

Sweden’s guarantee of a European Investment Bank loan to Saab Automobile won European Commission approval, clearing a regulatory hurdle for Spyker Cars NV’s purchase of the carmaker from General Motors Co.


Quote from the article:

The government guarantee of Saab’s proposed 400 million- euro ($547 million) loan for developing technology won’t cause “any undue distortions of competition,” Neelie Kroes, the European Union’s competition commissioner, said today in a statement. Saab is offering “adequate remuneration” and collateral for the guarantee to meet aid rules, the EU said. Spyker, the Dutch maker of the C8 Aileron sports car, agreed on Jan. 26 to buy Trollhaettan, Sweden-based Saab for $74 million in cash and $326 million in preferred shares in the new company, to be called Saab Spyker Automobiles. The EIB and Sweden’s National Debt Office must give final loan approvals.

Source: Sweden’s Guarantee of Saab EIB Loan Wins EU Approval