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In a weird twist of fate, if Koenigsegg completes the purchase of Saab from General Motors, Volvo will also become a small stakeholder in its native rival. Koenigsegg, which has reportedly signed a letter of intent with GM to acquire Saab, gave Volvo 3,750 shares back in 2000 to pay for the use of its wind tunnel.

Volvo's stake in the exotic carmaker is very small, worth only about 8,000 Swedish kronor (€760 or $1,022 USD according to current exchange rates). Nevertheless, Volvo is on the books as part owner of Koenigsegg, and if the sale of Saab goes through, it will become a stakeholder by association - unless it divests itself of its Koenigsegg stock.

All of this must mean very little to Volvo, as a spokesperson for the company was completely unaware of his employer's holdings in Koenigsegg when asked about it by the Swedish business daily Dagens Industri.

[Source: SwedishWire.com]

REPORT: Volvo owns (small) stake in Koenigsegg, could own part of Saab originally appeared on Autoblog on Mon, 15 Jun 2009 18:27:00 EST. Please see our terms for use of feeds.

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