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 , suppliers , great news for millions of Saab ‘s customers and fans worldwide, and great news for GM ,” said John Smith , GM’s vice-president for corporate planning and alliances .
“General Motors , Spyker Cars , and the Swedish government worked very hard and creatively for a deal that will ensure a sustainable future for this unique brand icon, and we’re all happy for the positive outcome ,” said Smith .
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 made by applying to the standard terms of business , including the application of regulatory , governmental and court approvals. Other terms and conditions specific to the sale will be conducted in due course .
The Swedish government today reviewed the transaction related request for guarantees for Saab Automobile loan that has been requested from the European Investment Bank. Assuming a rapid response , the total transaction is expected in mid-February , a preliminary process of closing ( wind -down ) Saab will be immediately suspended, during the completion of the transaction .
” In the negotiations , GM has always had the hope to find a solution for Saab, in order to avoid closing the brand ,” said Nick Reilly , president of GM Europe . ” We have worked with many clients in the past year , including governments and investors , and I am very pleased that we could come up with such a good deal, which preserves jobs in Sweden and elsewhere . GM will continue to support Saab and Spyker on their way forward. “
