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Breaking: GM Agrees to Sell Saab to Spyker

Deal to be finalized next month

 |  Jan 26 2010, 1:51 PM

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General Motors has just announced it has reached an agreement to sell its loss-making Saab division to Dutch exotic car maker Spyker Cars NV. Saab and Spyker will form a new company, Saab Spyker Automobiles and the deal is expected to be finalized in February pending approval by several regulatory bodies and the Swedish government.

“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 VP 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.”

The new Saab Spyker Automobiles company is expected to move forward with a plan to bring Saab more up-market, selling fewer vehicles but at higher (and more profitable) pricepoints. No indication has been given as to when Saab will re-start production, with enthusiasts eagerly anticipating the new 9-5 model (above), which dealers have already taken orders for.

Official release after the jump:

PRESS RELEASE

DETROIT – General Motors and Spyker Cars NV today 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,” Smith said.

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.

“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.”

  • Glen

    TERRIFIC! As a loyal Saab owner (4 convertibles), I’m excited to know I’ll be able to continue buying and driving such a fun car. Let’s hope the 9-x Air comes to fruition.