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Business

Dutch Spyker Cars takes over GM's Saab brand

Text by News Wires

Latest update : 2010-01-26

The Dutch car manufacturer Spyker is to buy General Motors' luxury brand Saab. The transaction, expected to be closed in mid-February, will "secure a sustainable future" for Saab and should preserve jobs.

AFP- US automaker General Motors said Tuesday it had agreed to sell its Saab brand to Dutch luxury sports car manufacturer Spyker.
  
"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," GM vice president for corporate planning and alliances John Smith said in a statement.
  
"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."
  
There was no immediate confirmation of the deal from Spyker.
  
GM said that under the agreement, Spyker will form a new company -- Saab Spyker Automobiles -- that will seal the future Saab brand, adding that the transaction was expected to close in mid-February.
  
The troubled US auto manufacturer said the Swedish government was currently reviewing the transaction, which will be subject to customary closing conditions, and a related request for guarantees of a Saab Automobile loan requested by the European Investment Bank.
  
Previously announced moves to wind down activities at Saab will be immediately suspended, GM said.
  
The Dutch financial market regulator suspended trading in Spyker shares on the Amsterdam stock exchange at 1245 GMT on Tuesday "pending (a) press release" from the sportscar maker, bidding for Sweden's Saab.
  
Spyker's shares gained 2.84 percent Tuesday to reach 3.91 euros (5.51 dollars) at suspension, having risen more than 60 percent on Monday.
  
"Throughout the negotiations, GM has always had the hope to find a solution for Saab that would avoid a wind down of the brand," said Nick Reilly, president of 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."

Date created : 2010-01-26

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