General Motors is nearing a deal to sell its Saab unit, but nothing has been finalized, a person briefed on the negotiations said today.
DETROIT (AP) — General Motors Corp. is nearing a deal to sell its Saab unit, but nothing has been finalized, a person briefed on the negotiations said Thursday.
The news came as Swedish broadcaster SVT reported that Swedish luxury sports car maker Koenigsegg Automotive AB and Norwegian investors are planning to buy Saab.
The person would not identify the final bidders for Saab but said news could come “shortly,” perhaps as early as Friday.
“The process is well along,” said the person, who spoke on condition of anonymity because the negotiations are private.
Citing unnamed sources, SVT said Koenigsegg and the unidentified investors have signed a declaration of intent to buy Saab.
Calls to Koenigsegg’s headquarters in Angelholm, southern Sweden, were not answered Thursday. Saab officials didn’t immediately return calls seeking comment.
Saab went into creditor protection Feb. 20 in an effort by GM to spin off or sell the unit. Saab confirmed last month that three bidders remained in the sales process and that they expected to complete the sale by the end of June.
The three bidders reportedly in the lead to buy Saab were Koenigsegg; The Renco Group Inc., a private equity firm; and Merbanco Inc., a Wyoming-based group of investors.
Detroit-based GM filed for bankruptcy protection June 1 and has said it plans to shed its Saturn, Hummer, Pontiac and Saab brands to focus on four core brands: Chevrolet, Cadillac, Buick and GMC. Last week, GM said it found a buyer for Hummer in China’s Sichuan Tengzhong Heavy Industrial Machinery Co., and it announced that Penske Automotive Group Inc. would buy the Saturn brand.