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Automotive

GM signs deal to sell Saab unit

August 19, 2009|Times Wire Reports

General Motors Co. said it has signed an agreement to sell its unit Saab Automotive to Sweden's Koenigsegg Group, although government officials warn that more capital is needed before the deal can be closed.

GM said the deal, whose financial details were not disclosed, was subject to a funding commitment for Saab from the European Investment Bank, to be guaranteed by the Swedish government.

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