INVESTOR'S 50% SHARE OF HOLDINGS IN SAAB AUTOMOBILE AB
STOCKHOLM, Sweden--(BUSINESS WIRE)--January 10, 1999--Investor
AB, Sweden's largest industrial holding company, today announced that
General Motors Corp. has informed Investor AB that GM intends to
exercise its option to acquire Investor's 50% share of holdings in
Saab Automobile AB.
Commenting on the announcement, Investor's president and chief
executive officer, Marcus Wallenberg, said:
"We see this as a natural development, bearing in mind how
positive the collaboration between Saab Automobile and GM has
developed in recent years while GM had management responsibility for
"For Investor, it is important to contribute toward an
industrially proper solution for Saab Automobile. We are convinced
that the company would be seen in an improved future light as part of
the GM Group, with its huge volumes and strong global marketing
The option agreement was signed in June 1996 in conjunction with
an agreement on additional capital infusion from the two half-owners,
GM and Investor. In brief, the option agreement means that GM has the
right to purchase all or parts of Investor's holdings in Saab
Automobile during the interim up to and including January 2000. The
agreement also means, in the event that GM does not exercise its
option, Investor then has the option of selling half of its holding in
Saab Automobile to GM during February this year.
Investor AB is the largest Swedish industrial holding company. It
generates value for the shareholders through long-term active
ownership and active investment operations. Over the past 20 years the
average total annual return to the shareholders has exceeded 20%.
Investor AB is a lead shareholder in a number of Sweden's
largest, most internationally active companies. These include
AstraZeneca, Ericsson, Scania, ABB, Gambro, Stora Enso, Atlas Copco,
SEB, WM-data, Electrolux, Saab AB, Saab Automobile AB (50%), SKF, SAS
and OM Gruppen. Investor's largest shareholders are the Wallenberg
family foundations and a number of mutual and pension funds.
Investor AB is based in Stockholm, with offices in Hong Kong,
London and New York and Amsterdam. Investor AB press releases can be
accessed at www.investor.se on the Internet.
Press spacebar to pause and continue. Press esc to stop.