Saab Saved. GM Sells Saab To Spyker
By Gunnar Heinrich
HALLELUJAH! Bloomberg’s reporting that GM will sell Saab to Dutch car master Spyker! Oh, that Bloomberg, I could just hug…
Jan. 26 (Bloomberg) — General Motors Co. agreed to sell its Saab unit to Dutch sports-car maker Spyker Cars NV in a deal that would save the 72-year-old Swedish brand that’s being wound down.
Spyker agreed to pay $74 million in cash and $326 million in preferred shares in the company that would emerge from the deal, according to the Dutch company. The transaction, subject to Sweden agreeing to guarantee a 400 million-euro ($563 million) European Investment Bank loan for Saab, is expected to close in February and Saab will exit an orderly wind-down process in line with the timetable.
The automotive world is a richer community with Saab selling cars. Bring on the 9-5! And, please, please, please, the 9-1. Saab needs a smart hatch!
About the Author: Gunnar Heinrich is publisher of Automobiles De Luxe online and is executive producer of the Automobiles De Luxe Television series on PBS member station CPTV.
headbang8 | Jan 27, 2010 | Reply
Three cheers for small, feisty car makers! The automotive world is a little bit richer for this decision.
GM would be wise not to hold Saab to ransom over parts, just because they can.
Jim | Jan 27, 2010 | Reply
All’s well and good, but a few thoughts creeped to mind when I saw the announcement.
Spyker is like the car chasing dog that finally catches one…now what?
The Chinese proverb, may you live in interesting times.
The next morning reality of that closing time pick up.
Is this the underpants gnome business plan?
Good luck to Saab, but I don’t believe this is the end of their travails.
Gunnar | Jan 27, 2010 | Reply
Headbang – it’s really in GM’s interests not to – they’re going to own a large stake in the SpykerSaab.
Jim – Gnome in pants XD