China's BAIC reiterates Saab deal to close end-2010 - News

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China's BAIC reiterates Saab deal to close end-2010

By: AFX | 10 Nov 2009 | 04:19 AM ET

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BEIJING, Nov 10 (Reuters) - Beijing Auto and its Swedish partner still aim to finalize plans to purchase General Motors' Saab unit, an executive of China's fifth-biggest automaker said on Tuesday. Beijing Automotive Industrial Holding Ltd said in September it would take a minority stake in Sweden's Koenigsegg, resolving some of the funding issues for the niche sports carmaker's purchase of Saab. The Saab sale, however, hit a speed bump when the Swedish government said last month it would have to wait for a decision on guaranteeing a 400 million euro ($600 million) loan granted earlier to Saab. Work on concluding the Saab deal was proceeding steadily and "in an orderly manner", Wang Dazong, BAIC's general manager, told reporters but provided no details. "Mergers and acquisitions is a vital tool, which we are working on both domestically and overseas," Wang said. (Reporting by Michael Wei and Kirby Chien; Editing by Ken Wills) ((michael.wei@thomsonreuters.com; +86 138 1177 7665; Reuters Messaging: michael.wei.reuters.com@reuters.net)) Keywords: BAIC SAAB/ (If you have a query or comment on this story, send an email to news.feedback.asia@thomsonreuters.com) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved.

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