Saab breathes relief as GM and Spyker reach an agreement

After several weeks of doubts about the future of the Saab brand, the negotiations between General Motors (GM) and Spyker Cars NV have come to an end with the two companies reaching an agreement on the purchase of the Swedish manufacturer.

According to 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”.

Spyker intends to form a new company after reaching this agreement, the Spyker Saab Automobiles, which will carry the Saab brand forward. This means great news for Saab employees, dealers and suppliers, great news for millions of Saab customers and fans worldwide, as the previously announced wind down activities at Saab will be immediately suspended, when the last details of the business are closed, probably in mid-February.

The sale still has to be subject to customary closing conditions, including receipt of applicable regulatory, governmental and court approvals and the Swedish government is also reviewing the transaction and the related request for guarantees of a Saab Automobile loan that has been requested from the European Investment Bank.