BUYOUTS: Saab Lands a Rich American

Saab Lands a Rich American

There's nothing like teaming up with a $100 billion company to improve one's prospects. Or so Swedish automaker Saab-Scania AB hopes. Saab last week agreed to sell General Motors a 50% interest in its car-making operations, which had 1988 sales of $2.6 billion, for some $600 million, plus a promise that GM will invest another $100 million. Saab, which also makes trucks and aircraft, will spin the auto holdings into a subsidiary to carry out the deal.

GM was a latecomer to the Saab wooing game, which began when Ford started courting the company earlier this year. After the collapse of...

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