Saab Automobile yesterday secured a €400m ($600m) loan from the European Investment Bank in a crucial step towards its proposed takeover by a Swedish-Chinese consortium.
The funds were a key condition of a provisional deal for General Motors to sell its loss-making Swedish brand to Koenigsegg Automotive, the maker of high-performance sportscars.
The European Union-backed EIB said it had authorised the loan to support research and development into improved energy efficiency and safety.
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