BREAKING: GM reaches agreement to sell Saab to Spyker
After what seemed like a really long month and a half, General Motors and Spyker Cars NV confirmed today that they have reached a binding agreement on the sale 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.”
Under the agreement, Spyker will form a new company, Saab Spyker Automobiles, which will carry the Saab brand forward.
GM said that 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 at a later date.
The agreement is currently under review by the Swedish government. Officials are also reviewing a request for guarantees of a Saab Automobile loan that has been requested from the European Investment Bank.
The full transaction is expected to be finalized by mid-February. GM will immediately stop the previously announced wind down activities at Saab.
– By: Omar Rana
