Saab sold by General Motors to Spyker Cars
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By Matt Hallam. |  |
Wednesday, 27, Jan 2010 10:58
By Sarah Garrod
Carmaker Saab has been sold from General Motors (GM) to Spyker Cars, it has been confirmed.
The firms said a new brand, Saab Spyker, would be formed following the agreement, which cost the Dutch luxury carmaker $74 million (£45.6 million).
A statement from Spyker simply said: "GM and Spyker Cars announce a binding agreement over the transfer of ownership of Saab."
GM has been trying to sell Saab for a year. The Swedish government has said today it agreed to guarantee a multi-million krona loan Saab had requested from the European Investment Bank to help secure the transaction.
A statement from GM said that assuming quick action, the transaction is expected to close in mid-February, and previously announced wind down activities at Saab will be immediately suspended, pending the close of the transaction.
GM's European president said he hoped the move would preserve jobs in Sweden, while John Smith, GM vice president for corporate planning and alliances added: "Today's announcement is great news for Saab employees, dealers and suppliers, great news for millions of Saab customers and fans worldwide, and great news for GM.
"General Motors, Spyker Cars, and the Swedish government worked very hard and creatively for a deal that would secure a sustainable future for this unique and iconic brand, and we're all happy for the positive outcome."