GM's secret conditions on Saab automobile- What is it?


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Thursday, 28 April 2011
Saab’s car factory in Trollhattan, near Gothenburg was reached on Thursday by the relatively good news that both the Debt Office and General Motors can imagine Vladimir Antonov as co-owner of Saab. But with GM's news also follows certain conditions.

"What we have said is that we have reached an agreement with Saab, which could allow Mr. Antonov to become shareholders, but everything depends on if Saab meets certain conditions as they are well aware, "said James Cain,  representing  General Motors.


About which aspect of the terms is Saab to adhere to GM said that "We try to at least keep some aspects of the negotiations confidential, "said Cain, but admits the only reason GM is in discussions with Saab is that they own the preferred shares.

A source with deep knowledge revealed that it's just preference shares where GM is involved. GM is reportedly interested in getting rid of them and the conditions should be about Saab buying shares. If GM no longer owns any preferred shares in Saab, the Swedish automaker will completely be independent of the American giant, in addition to the fact that GM still is a major supplier.

Saab's CIO Eric Geers says he can not go into what the conditions are about, but adds that he does not think it will be a big deal for Saab to meet them.
"I think the most important component in the whole of this saga is the EIB and hopefully they will say yes,” Geers said.
By Team

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