China's BAIC joins Koenigsegg in Saab takeover

STOCKHOLM: China's Beijing Automotive Industry Holdings has struck a preliminary deal to become a minority stakeholder in Koenigsegg Group AB's takeover of Saab Automobile from General Motors Corp.

Koenigsegg says in a statement Wednesday that the Chinese automaker has signed a memorandum of understanding to become ``a non-controlling minority shareholder in Koenigsegg Group.''

Koenigsegg has been looking for additional financing to complete its takeover of Saab. It says the deal with BAIC will be completed later this year.

Koenigsegg CEO Christian von Koenigsegg says ``we are now in a position to go ahead without any governmental financing.''