Sweden guarantees 400 million euro loan for Saab: minister
(STOCKHOLM) - Sweden will guarantee a 400 million euro (563 million dollar) loan Swedish carmaker Saab requested from the European Investment Bank, Enterprise Minister Maud Olofsson said Tuesday, following GM's confirmation of Saab's sale to Spyker.
"We know that the deal has been sealed between Spyker and GM and therefore the government has decided today to give the loan guarantee to Saab Automobile," Olofsson told a press conference in Stockholm.
She said the loan Saab had requested from the European Investment Bank still needed to be approved by the institution and the European Commission.
General Motors said Tuesday it had agreed to sell its Saab brand to Dutch luxury sports car manufacturer Spyker as part of a restructuring of its business to cope with the impact of the global slump on the industry.
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