Saab will survive! General Motors and Spyker Cars NV today confirmed that they have reached a binding agreement on the purchase of Saab Automobile AB. A new company called Saab Spyker Automobiles will carry the Saab brand forward.
“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,’ said John Smith, GM vice president for corporate planning and alliances.
"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,” Smith added.
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 have not yet been disclosed, nor is there any indication of which models will be produced or what impact the decision will have on Saab's dealer network.
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.”
Saab entered the auto business in 1949 with the first model 92. Its aerodynamic shape and advanced technology drew from the company’s roots as an aircraft maker, and helped create what was to become a loyal and passionate customer base. GM acquired a 50-percent stake in Saab in 1990, and acquired the balance of the company in 2000. As part of its strategy to focus on its four strongest brands in the U.S., GM began seeking a buyer for Saab in January 2009, a concerted effort that led to today’s announcement, following an unsuccessful earlier bid by Koenigsegg Group AB of Sweden and a subsequent decision to “wind down” the brand.
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