What is thought to be one of the last remaining hurdles for the acquisition of Saab Automobile by Spyker Cars from General Motors has reportedly been cleared – the Swedish government's endorsement of a pivotal European Investment Bank loan has been okayed by the European Union. Bloomberg indicates that the 400 million-euro ($546 million) loan has gained approval because the loan guarantors have found the necessary collateral and "adequate remuneration." It is understood that the loan is conditional based upon Saab using the capital to develop and produce cleaner, more fuel-efficient vehicles.
The EIB itself must still approve the loan in order for the transaction to go through, but the endorsement by the EU is expected to make it easier for the Luxemburg-based institution to make that move.
[Sources: Bloomberg, Autocar | Image: Joe Raedle/Getty]