A Russian businessman seeking to invest in stalled carmaker Saab won initial approval for the plan on Thursday, raising hopes the Swedish firm can beat a cash crunch threatening its survival. Production has been stopped at Saab since early April because the company cannot pay some suppliers. Vladimir Antonov, who owns a bank in Lithuania and in Latvia, aims to invest 30 million euros ($44.5 million) in Spyker (SPYKR.AS), the Dutch group that owns Saab, to take a 29.9 percent stake. Sweden's Debt Office and former Saab owner General Motors (GM.N) both said they had approved the plan, though GM, which still has preference shares in Saab, said it wanted "certain specific actions" to be taken by the car maker.
General Motors Company (GM) is a global automotive company. Shares of GM fell by 0.16% or $-0.0501/share to $31.7299. In the past year, the shares have traded as low as $29.17 and as high as $39.48. On average, 16147700 shares of GM exchange hands on a given day and today's volume is recorded at 3001921.
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