GM To Buy Remaining Half of Saab
DETROIT (AP) _ General Motors Corp. plans to buy the remaining 50 percent of Swedish luxury automaker Saab Automobile AB.
Terms of the deal announced today were not disclosed.
GM has owned 50 percent of Saab since 1990, when it entered into an agreement with Saab’s former parent, Saab-Scania AB. That company was acquired by Investor AB in 1991, and Investor AB had controlled the other half.
GM, the world’s biggest auomaker, expects to complete the purchase by the end of January.
Saab and GM have been sharing engineering and vehicle parts over the past several years, and Saab is part of GM’s exhibit at the North American International Auto Show.
``Over our 10 years with Saab we’ve seen increasing market success and expansion of the Saab brand internationally,″ GM president and chief operating officer G. Richard Wagoner said in a statement.
``This logical next step of exercising our option to take full ownership will be to move ahead even faster in developing new innovative Saab products, contributing even more to a globally diverse portfolio of resources, expertise and products.″
Saab made about 129,000 cars in 1999, and sells two models, the 9-3 and the 9-5, in the United States.