PRESS RELEASE: GM Reaches Agreement to Sell Saab to Spyker
GM Reaches Agreement to Sell Saab to Spyker
DETROIT, Jan. 26 /PRNewswire/ — 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 and
suppliers, great news for millions of Saab customers and fans worldwide,
and great news for GM,” said 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,” Smith said.
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 subject to customary closing conditions, including receipt of
applicable regulatory, governmental and court approvals. Other terms
and conditions specific to the sale will be disclosed in due time.
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.”
About General Motors: General Motors, one of the world’s largest
automakers, traces its roots back to 1908. With its global headquarters
in Detroit, GM employs 204,000 people in every major region of the world
and does business in some 140 countries. GM and its strategic partners
produce cars and trucks in 34 countries, and sell and service these
vehicles through the following brands: Buick, Cadillac, Chevrolet, GMC,
GM Daewoo, Holden, Opel, Vauxhall and Wuling. GM’s largest national
market is the United States, followed by China, Brazil, Germany, the
United Kingdom, Canada, and Italy. GM’s OnStar subsidiary is the
industry leader in vehicle safety, security and information services.
General Motors acquired operations from General Motors Corporation on
July 10, 2009, and references to prior periods in this and other press
materials refer to operations of the old General Motors Corporation.
More information on the new General Motors can be found at www.gm.com.
Saab background: 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 Saab 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.
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