Saab Is Saved: Spyker Reaches Agreement to Buy Saab From GM
Months of speculation are over as General Motors has officially announced it has reached a deal with Dutch supercar builder Spyker over the sale of its Saab brand. Reports suggest that the arrangement takes the form of a $74 million cash deal with another 400 million euros ($566 million) coming from a European Investment Bank loan that has been guaranteed by the Swedish government. GM will also hold $326 million worth of preference shares in the new company, an amount that totals less than a 1% voting right in Saab capital.
"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.
The resulting arrangement will see Spyker forming a new company under the Saab Spyker Automobiles name.
Updates to follow as GM plans a full announcement later in the day.
Source: General Motors, WSJ