Sweden sees GM’s threat over China Saab rescue as ‘regrettable’: minister


AFP

STOCKHOLM — A statement by General Motors this week threatening to block technology licenses if two Chinese companies buy Saab, clouding a rescue, was unfortunate the Swedish government said on Tuesday. “That was a regrettable announcement,” Swedish Enterprise Minister Annie Loeoef told reporters in Stockholm. Her comment came a day after GM said it would end technology-sharing licenses to Saab and stop supplying the 9-4X SUV model to its insolvent former subsidiary if it were acquired by Chinese companies Pang Da and Youngman. But GM said it would still supply some components.

That announcement jeopardizes a last-ditch deal reached by the two firms last week with Saab’s current Dutch owner, Swedish Automobile, or Swan to buy the beleaguered carmaker for 100 million euros (US$134 million) and supply 610 million euros in long term funding.