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Confirmed: GM will sell Saab

Confirmed: GM will sell Saab to Spyker
January 26th, 2010

General Motors has just confirmed it is selling Saab Automobile AB to Spyker Cars NV of the Netherlands. A binding agreement has been reached that will save the iconic Swedish brand from oblivion. The sale transaction is expected to close in mid-February. GM has suspended its wind-down arrangements.

“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.”

Under the agreement, Spyker will form a new company, Saab Spyker Automobiles. The sale is still subject to various government and court approvals and terms will be disclosed later. The Swedish government is reviewing the transaction and the request for loan guarantees but quick approval is expected.

LINK:Confirmed: GM will sell Saab to Spyker | Allpar Chrysler, Dodge, and Jeep News

Rick

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