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GM to sell Saab to Dutch automaker Spyker

Published: 27/01/2010 05:00

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U.S. automaker General Motors Co. has reached a deal to sell its Swedish Saab brand to Dutch luxury automaker Spyker Cars NV, the company said in a report reaching here Tuesday.

Spyker Chief Executive Victor Muller (L) shakes hands with Saab CEO Jan-Aake Jonsson after they announced that Spyker would buy Saab from General Motors in a deal worth 400 million U.S. dollars in Stockholm January 26, 2010.(Xinhua/AFP Photo)
Spyker agreed to pay 74 million U.S. dollars in cash and 326 million dollars in preferred shares in the company that would emerge from the deal plus undisclosed consideration for GM.

According to a Detroit News report, Spyker will form a new company, Saab Spyker Automobiles NV, and will continue to sell vehicles under the Saab brand.

The Swedish government is reviewing the transaction and agreed to provide loan guarantees of as much as 563 million U.S. dollars for Saab Automobile through the European Investment Bank. The deal could close in mid-February.

GM will be paid the 74 million dollars in two installments: 50 million on or before Feb. 15 and the balance on July 15.

Spyker is acquiring all intellectual property rights, trademarks and facilities and will sell the next-generation Saab 9-5, which is under production by Saab.

Last year, Saab sold 8,680 vehicles in the U.S., down 59.4 percent from a year earlier.

VietNamNet/Xinhuanet

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