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GM Strikes $400M Deal to Sell Saab

Dutch luxury car maker Spyker snaps up dying brand

By Kevin Spak,  Newser Staff

Posted Jan 26, 2010 12:53 PM CST
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(Newser) – GM has reached a deal to sell its otherwise doomed Saab brand to Dutch luxury car maker Spyker Cars NV for $74 million in cash and $326 million in preferred stock. The deal is dependent on Sweden agreeing to guarantee a $563 million European Investment Bank loan to the Swedish Saab brand. The sale is expected to close in February, Bloomberg reports.

Spyker shares have risen more than 80% since rumors of the deal first broke last week, and trading of them was halted this afternoon on the news. The sale could save up to 3,500 jobs at Saab’s main Swedish factory, which seemed doomed just a month ago. "We said, 'Just show up with the money and you can have it,'" GM CEO Ed Whitacre said at the time, "and they haven't shown up with the money."

In this Nov. 29, 2009 photo, a 2009 Saab 9.3 convertible sits at a Saab dealership in Denver.
In this Nov. 29, 2009 photo, a 2009 Saab 9.3 convertible sits at a Saab dealership in Denver.   (AP Photo/David Zalubowski)
It looks like Saab will live on.
It looks like Saab will live on.   (AP Photo/Paul Sancya, file)
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COMMENTS
Showing 3 of 8 comments
Yourself
Jan 26, 2010 11:26 AM CST
WhatTha - interesting points. Don't forget though, about the Audi part, that to say "audi" is really saying Volkswagen. lol this game of merging and hiding companies and blending them just to try and cut them up and rehash them and so on and so on is getting stale.. None the less, interesting points about Saab. Time will tell if they become a big player again. Unfortunate that GM ever meddled in their business.
danusunt
Jan 26, 2010 9:19 AM CST
Huh, then I wonder what the US incentive was to buy it. And I also wonder how Volvo is doing - have they gained or lost any ground with it's fellow countrycar on the ropes.
Yourself
Jan 26, 2010 8:53 AM CST
i love the fact that they still refer to it as a "Swedish" brand.. that stopped the day GM bought them and is definitely a joke of a statement now that a Dutch company will be owning it...

 
General Motors • mergers and acquisitions • auto industry • Saab • Saab wind-down • Spyker Cars

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