Spyker Buys Saab from General Motors

Saab, the struggling Swedish car firm that once made fighter jets, is being sold to Spyker, the luxury sports car maker based in the Netherlands. After months of speculation, General Motors finally confirmed that they had found a buyer after trying to sell Saab for the last twelve months.

Saab operations were being gradually wound down by GM after they lost £255M in 2008 and failed to make a profit since 2001. However, the wind-down has been suspended pending closure of the deal, which would net GM $74M in cash and $326M in preferred shares in Saab.

Meanwhile, Spyker has also been posting losses, with a $21M loss reporting in 2008 after selling just 43 cars, and failing to make a profit for over 6 years.

Spyker have also managed to obtain a guarantee on the £349M loan given to Saab from the European Investment Bank, which smoothed the deal somewhat after GM rejected Spyker’s initial bid in December.

GM claimed that the deal was great news for Saab 3400 employees at their factory in Tollhaettan, their customers, dealers and suppliers. It also turned out to be fantastic for smart Spyker shareholders after a 60% surge on the news before their suspension on the Amsterdam stock exchange.

Saab