GM to Sell Saab to Spyker
26 January 2010
General Motors and Spyker Cars NV today confirmed that they have reached a binding agreement on the purchase of Saab Automobile AB.
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”, GM said.
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. 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.—Nick Reilly, president, GM Europe
I would think the Swedes are pleased to have a homegrown institution survive - even if it does so in the Netherlands.
Posted by: sulleny | 26 January 2010 at 03:33 PM
I'm glad a deal was reached. I read that Spyker's stock went up ~75%. It looks like a good match on paper - Spyker's performance influence will work its way into the SAAB models, while Spyker gets an established brand with instant brand recognition.
Posted by: ejj | 27 January 2010 at 06:39 AM