Sweden would also likely join other governments backingswift rescues of their biggest car companies with stateguarantees to help save jobs and one of

Sweden would also likely join other governments backingswift rescues of their biggest car companies with stateguarantees to help save jobs and one of the country’s biggestbrand names. Koenigsegg, whose slinky supercars can top 400 km/h (240mph) and rank in Forbes magazine’s list of the world’s 10 mostbeautiful cars, is backed by Norwegian investors, a source toldReuters on Thursday.[ID:nLB799437] The two sides have signed a letter of intent and financinghas been agreed, leaving only minor issues to be resolved, thesource said. Saab said on its website on Friday that new ownership wouldbe finalised in the early summer and Swedish televisionreported that a preliminary deal was now with the U.S. TreasuryDepartment with further information expected to be releasednext week. In Washington, GM Chief Executive Fritz Henderson declinedto comment on progress in the effort to find a buyer for Saab “Any material transaction we’re involved in .. we wouldreview what’s gong on,” Henderson told reporters.

“We don’thave anything to add.” SURPRISING PARTNERS Tough times are producing some surprising partnerships,including GM’s tentative deal this month to sell Hummer, theexpensive, gas-guzzling vehicle of choice for musicians andmovie stars, to Sichuan Tengzhong, a Chinese company that makescement mixers Italian maker Fiat (FIA.MI), which quit the U.S. market in1983, is set to return under a new partnership with Chryslerwhile parts maker Magna International (MGa.TO) is in talks tobuy GM’s European operations centred on Germany’s Opel. “I’m concerned it doesn’t have the scale or expertise toexist as a stand-alone business,” said Nomura analyst MichaelTyndall regarding Koenigsegg Saab has not posted a profit in a decade. “I struggle to see how smaller brands can exist asstand-alone operations — the industry doesn’t have a greattrack record on this,” said Tyndall. The global recession has slashed demand for cars and sentU.S. giants GM and Chrysler into bankruptcy, leaving Ford (F.N)as the only one of the so-called Big Three not needinggovernment aid.

Koenigsegg hails from the other end of the automotivespectrum, a tiny firm operating out of an aircraft hangar setup in 1994 by young entrepreneur Christian von Koenigsegg, whopocketed some of his fortune selling frozen chickens. Saab’s future could see it turn into a much smaller, nicheplayer, according to Mikael Wickelgren, a vehicle expertlecturer at the University of Skovde, Sweden.. “Saab probably would move towards more specialised, nichecars for a smaller customer base,” said Wickelgren. “It is a strategy that one has actually heard Saab speakof, but which has been difficult to achieve in a GM context. GMonly thinks about volumes.” Saab produced nearly 100,000 cars off last year, about 1percent of GM’s global output. GM put the company up for sale earlier this year and heldtalks with a number of potential buyers, including Fiat(FIA.MI) and Chinese automakers. Talks narrowed to two or threeunnamed bidders in recentweeks. Stocks Mergers & Acquisitions Italy Bankruptcy.

WASHINGTON (Reuters) – General Motors Corp will cut its senior executive pension plans by up to two-thirds as part of its bankruptcy restructuring, the company’s chief executive told a U.S House Energy and Commerce subcommittee on Friday. U.S.Fritz Henderson told reporters after the hearing that the reductions apply to certain plans for executive retirees making more than $100,000 annually.Henderson said there was no resolution yet on the pension for former CEO Rick Wagoner, who was ousted by the Obama administration which is overseeing GM’s Chapter 11 restructuring.”That issue is still being reviewed by the board of directors and the compensation committee,” Henderson said. “I’m not involved in this.”Henderson is a GM board member.Wagoner, 55, worked for GM for 31 years and accumulated more than $20 million in pension benefits, which would have begun paying out at age 60.(Reporting by John Crawley and Mari Saito; Editing by Richard Chang) U.S.. “We are proud of ourability to adapt to the needs of our customers while at the same timeproducing a new cup line of this caliber. This is a testament to thecapabilities of our R&D and Manufacturing teams and to our company’scommitment to bringing the highest quality products to market.”Reveal straight wall cups are available in 12, 14, 16, 18, 20, and 24-ouncesizes, with a single lid fitting all six cups. Team to Focus First on 1,000 Acres Adjacent to New International AirportScheduled to Open May 2010WEST BAY, Fla.–(Business Wire)–The St.

Joe Company (NYSE:JOE) today announced that it has entered intoagreements with The Haskell Company, America`s Green Design-Build Leader, andTranSystems Corporation, one of the world`s leading transportation planning andengineering firms, to masterplan JOE land adjacent to the new Panama City – BayCounty International Airport which is scheduled to open in May 2010. The initial parcels are being planned and positioned for office, retail andindustrial users, totaling approximately 1,000 acres (400 hectares). This landis a portion of approximately 71,000 acres (28,400 hectares) that St. Joe ownswithin the West Bay Sector, a large mixed-use master-planned project located inBay County in Northwest Florida. The sector is anchored by the new 4,000-acre(1,600-hectare) international airport now under construction. “With the scheduled opening of the airport now less than one year away, we areaccelerating our preconstruction activity and stepping up marketing outreach toglobal users who need ready access to the new airport,” said St Joe`s presidentand CEO Britt Greene. “Our land at West Bay is a world-class asset, and ourmarketing outreach is to global users.