GM Sells Saab to Spyker

After months of negotiations, General Motors finally confirmed that it will sell Saab to Spyker but refused to disclose any terms of the deal. The two companies signed a binding agreement which will lead to the creation of a new entity called Saab Spyker Automobiles, "which will carry the Saab brand forward," as the US-based carmaker said in a statement. "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 Swedish government hasn't issued a statement on the matter but General Motors says the local officials will review the transaction and decide whether to guarantee state funds provided by 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.” The transaction is projected to close in mid-February, with all winding down operations to be suspended immediately.