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Saab officially sold to Spyker

By Blogger on 29 Jan 2010

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GM has announced that it has reached a deal with Dutch sports car maker Spyker for the sale of Swedish carmaker Saab. The deal concludes the long-standing saga which at one point saw GM announce that it will wind up the Swedish brand. However, GM and Spyker Cars have now reached an agreement which will see the sale of Saab to the Dutch sports car maker.

"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 deal, Spyker will form a new company, Saab Spyker Automobiles. GM will also cease winding down activities of Saab, and the deal is set to be completed by mid-February, pending the approval of a Saab Automobile loan that has been requested from the European Investment Bank.

"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."

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