GM Reaches Agreement to
Sell Saab to Spyker
DETROIT – General Motors and
Spyker Cars NV 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,”
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.