Russian Investor Working On Plan For Saab Stake
Russian businessman Vladimir Antonov is working on a plan for Saab to pay back a loan from the European Investment Bank, the lender which he says has vetoed his proposal to buy into the ailing carmaker, Reuters reported. Antonov has been waiting in the wings to take a stake in Swedish Automobile , the listed entity that owns Saab, but his spokesman said on Thursday that the EIB had decided not to approve the Russian as a shareholder. "We are working on a way to be rid of the EIB loan," Lars Carlstrom said. "We hope to present a solution in the near future." Carlstrom added that a deal was probably several weeks off. The EIB, which has not made any statement about Antonov's application to take a stake in Swedish Automobile, declined to comment. Antonov needs the approval of the EIB, the Swedish government, and former Saab owner GM to take a stake in Saab. This is because the government has guaranteed a loan to Saab from the EIB and GM still has preference shares in Saab. Sweden's Debt Office said in April it found no reason to block Antonov as a shareholder. The government has said it was waiting on the EIB. GM has given conditional approval for Antonov's investment. Read more.