M&A

25 November, 2009

TIMELINE-Koenigsegg pulls out of deal to buy Saab

Nov 25 (Reuters) - A deal for U.S. carmaker General Motors (GM) [GM.UL] to sell its struggling Swedish unit Saab has collapsed. [ID:nN2418890] Following are key events in Saab's history:

1946 - Svenska Aeroplan Aktiebolaget (SAAB), founded in Sweden in 1937 to produce high-performance aircraft, starts to produce cars.

1969 - Saab AB and truck manufacturer Scania-Vabis AB merge under the name Saab Scania AB.

1990 - The Saab car division is restructured into an independent company. Investor AB and GM each own 50 percent.

2000 - GM takes 100 percent ownership of Saab. Jan. 11, 2009 - GM says has been in talks to sell Saab.

Jan. 12 - Sweden says it will not take a stake in Saab or plan more aid. Feb. 20 - A Swedish court grants Saab protection from creditors as it tries to find a new partner and raise fresh funds.

Feb. 23 - Sweden says it can guarantee a European Investment Bank loan to Saab if a new owner that can cover half the necessary financing emerges.

Aug. 18 - Sports car maker Koenigsegg seals deal with GM to buy Saab.

Sept. 9 - Chinese state-run Beijing Automotive Industry Holdings (BAIC) inks deal to take a minority stake in Koenigsegg as part of the deal to buy Saab.

Nov. 24 - Koenigsegg says it has pulled out of talks to buy Saab. Sweden effectively rules out a state bailout.

Nov. 25 - BAIC says it is reviewing its options.

Sources: Reuters/ www.saabusa.com; (Writing by Jijo Jacob, Bangalore Editorial Reference Unit; Additional writing and editing by David Cutler, London Editorial reference Unit) ((RM: Jijo.jacob.reuters.com@reuters.net, +91 80 4135 5839, fax +91 80 4135 5001))

Source: http://www.reuters.com