General Motors and Spyker Cars NV have reached a binding agreement regarding the latter’s acquisition of Saab Automobile AB from the American carmaker. As part of the deal, Spyker would set up a new company -- Saab Spyker Automobiles – to keep the Saab brand.
While a deal has been reached, it is still subject to customary closing conditions, like the receipt of approvals from regulators, government and court. Currently, the Swedish government is evaluating the agreement. It is also reviewing a related request for guarantees of a Saab Automobile loan requested from the European Investment Bank.
Should the sale go as planned, it could be finalized in mid-February. Pending the closure of the sale, plans to wind down activities at Saab are now suspended. John Smith, GM vice president for corporate planning and alliances, described the agreement as “great news” for Saab employees, dealers and suppliers as well as for Saab customers for GM.
He remarked that GM, Spyker Cars, and the Swedish government worked hard to come up with a deal that would secure a sustainable future for Saab. Nick Reilly, president of GM Europe, quipped that throughout the negotiations, GM hoped to find a solution for Saab without having to wind down the brand.
He added that after working with several parties in the past year -- including governments and investors – they finally found a good conclusion that preserves jobs at Saab in Sweden and elsewhere.