GM Reaches Agreement to Sell Saab to Spyker
2010-01-26


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DETROIT – General Motors and Spyker Cars NV today confirmed that they have reached a binding agreement on the purchase of Saab Automobile AB.



"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,” said John Smith, GM vice president for corporate planning and alliances.



“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,” Smith said.



As part of the agreement, Spyker intends to form a new company, Saab Spyker Automobiles, which will carry the Saab brand forward. The sale will be subject to customary closing conditions, including receipt of applicable regulatory, governmental and court approvals. Other terms and conditions specific to the sale will be disclosed in due time.



The Swedish government is at present reviewing the transaction and the related request for guarantees of a Saab Automobile loan that has been requested from the European Investment Bank. 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.



“Throughout the negotiations, GM has always had the hope to find a solution for Saab that would avoid a wind down of the brand,” added Nick Reilly, president, GM Europe. “We’ve worked with many parties over the past year, including governments and investors, and I’m very pleased that we could come to such a good conclusion, one that preserves jobs in Sweden and elsewhere. GM will continue to support Saab and Spyker on their way forward.”

 

That's great news. Good to see it didn't land under Chinese ownership.

 

I'm glad they are not Chinese and glad they didn't just kill the brand. I hate seeing brands with a lot of history go down the drain.

Looks like the new 9-5 lives on.

 

Guess that blows up somebody's theory of GM putting a brand out there for sale with no intention of really selling it, huh?

 

What that the same guy that has close friends that said GM would keep Saab?

 

a fool and his money....


hopefully they'll keep that crap overseas now where they don't care as much about inspiring cars because it's just a way to get from point A to point B.

 

Fixed that for the author.

 

Congrats to Spyker.

I suppose notions that the fat lady was singing were somewhat premature.

 

This certainly is good news!

 

Good luck to them. Any word on where they'll get their cars from? Will GM licsense out the Epsilon architecture to them?

 

They'll have to.

 

Hopefully they can give Saab some swagger.