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NINETY EIGHT REGENCY

EU says it will rapidly review Saab loan guarantee

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EU says it will rapidly review Saab loan guarantee

January 27, 2010 11:31 CET

BRUSSELS (Reuters) -- European Union regulators said on Wednesday they would review as soon as possible Swedish authorities' plan to guarantee a 400 million euro ($562 million) European Investment Bank loan to Saab.

Of the guarantee amount, 82.8 percent will have to be scrutinized by the European Commission to see whether it complies with state aid rules, Commission spokesman Jonathan Todd said.

"The remaining 17.2 percent is considered to be remunerated at market terms and hence deemed as no aid," he said, adding: "The Commission intends to complete rapidly its assessment of the case."

The loan is seen as key for Dutch sportscar maker Spyker's acquisition of Saab from General Motors Co.

Read more: http://www.autonews.com/article/20100127/ANE/301279970/1193#ixzz0dpO4Urj1

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