EIB approves €400 million loan to Saab
Spyker runs nearer to land its acquisition of General Motors' Saab.
RELATED NEWS:
• Saab may be listed at the Stockholm exchange
The European Investment Bank said Friday it has approved a 400 million euro ($547 million) loan to Swedish loss-making auto maker Saab, which is being acquired by Dutch sports car maker Spyker from its parent General Motors.
"The EIB has confirmed the authorisation to conclude the 400 million euro loan to SAAB Automobile AB ... and to conclude the guarantee agreement with the Swedish National Debt Office," the EIB said in a press release.
Spykers chief executive officer Victor Muller said after an extra stockholder meeting Friday in the Netherlands that the company’s shareholders have approved the $74 million purchase.
The EU's competition watchdog on Monday approved Swedish plans to act as guarantor for an EIB loan to automaker Saab.
The same day Spyker said that it had entered into a 25 million dollar convertible loan agreement with an investment company owned by Heerema Holding Company Inc that would secure the deal.
Last Updated (Friday, 12 February 2010 16:59)
