GM Reaches Agreement to Sell Saab to Spyker

Posted on 26. Jan, 2010 by in 2010-2019

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It has been over a year since GM decided to strategically review Saab Automobile, but just over 20 years since they’ve been owned by GM .

Today, Spyker Cars, N.V. acquires Saab Automobile from GM, marking a new era for the company.

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GM Reaches Agreement to Sell Saab to Spyker

2010-01-26

DETROIT – 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.”

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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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Tom Wilkinson
Tel: 313-667-0366
Mobile: 313-378-6233
tom.wilkinson@gm.com

Eric Geers
Saab Communications
Tel: +46 520 85110
Mobile: +46 703 205490
eric.geers@gm.com

John McDonald
General Motors Company
Phone: 313-667-3714
Mobile: 313-418-2139
john.m.mcdonald@gm.com

—————–

MEDIA ADVISORY: Saab Conference Call Scheduled 2:00PM EST

2010-01-26

John Smith, vice president, global planning and alliances, will host a conference call for media at 2:00 p.m. EST (8:00 p.m. CET) to provide additional perspective on Saab.

· (800) 398-9367 (U.S.)
· +1 (612) 332-0226 (international/caller-paid)
· No access code is required
· Please provide your name and affiliation and ask for the GM conference call

An audio file of this call will be available shortly after the end of the call at http://media.gm.com.

Technical/broadcast questions:
Steve Griffes
313-220-7982 (mobile)
steven.l.griffes@gm.com

Tom Wilkinson
Tel: 313-667-0366
Mobile: 313-378-6233
tom.wilkinson@gm.com

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21 Responses to “GM Reaches Agreement to Sell Saab to Spyker”

  1. FAW

    26. Jan, 2010

    Thank you Mr. Muller! What amazing news… I can’t believe that I’m actually crying at my desk at work.

    Reply to this comment
  2. Dino

    26. Jan, 2010

    Wow – what great news! Made my day. As always Ryan thx much for your coverage!

    Forward ho!

    Reply to this comment
  3. Erik

    26. Jan, 2010

    I watched the press conference-too bad I couldn’t understand the language- but I knew that SAAB was saved!
    Let’s hope all the T’s are crossed and i’s dotted quickly.

    Ryan I hope that Spyker rewards you with a brand new 95 for all your hard work!

    Reply to this comment
  4. Erik

    26. Jan, 2010

    PS Trollhatten when is the parade I dreamed about?

    Reply to this comment
  5. Andy

    26. Jan, 2010

    YAHOO!

    Reply to this comment
  6. Rob

    26. Jan, 2010

    Boy o boy! That was the longest couple of months. But, all’s well that ends well. SAAB SPYKER? Sounds good to me! Ryan, I totally agree about the ‘brand new 95’. You definately deserve it.

    Reply to this comment
  7. Sandy

    26. Jan, 2010

    Yes yes YES!!!
    TYGM and all who who worked for and supported Saab’s survival.
    Saab Up!
    VM Up!
    Spyker Up!

    Reply to this comment
  8. karen

    26. Jan, 2010

    Great news. Thanks Ryan.

    …looking forward to the details of the financing from Spyker.

    Reply to this comment
  9. Tim

    26. Jan, 2010

    I can’t believe I am seeing this headline…after all these months! Thank you Spyker and Mr. Muller. And thanks Ryan for all the work. What a relief.

    The new 9-5 is a beautiful car and I look forward it being produced and selling well under the Spyker blanket.

    Reply to this comment
  10. Kurt W. Krauss

    26. Jan, 2010

    Now the work begins! All the best to the folks at Saab for a very positive future!

    Reply to this comment
  11. Tapier

    26. Jan, 2010

    Thank Christ! F*@king GM, I hope they die a slow painful death, and soon. Saab always deserved better and now the brand will indeed move forward under the umbrella of Spyker. This is such a happy day…thanks to you Ryan and all your work buddy.

    Reply to this comment
  12. Sergey

    26. Jan, 2010

    From Russia with love to SAAB!

    Reply to this comment
  13. Andrew

    26. Jan, 2010

    I started getting watery eyes… then I read Tapier’s comments. HA! That is hilarious!

    Reply to this comment
  14. B Wolf

    26. Jan, 2010

    Great News!

    It must have been the T-shirts LOL

    SSANV…..Not much of an acronym

    Reply to this comment
  15. David

    26. Jan, 2010

    I hope to be a SAAB owner and mechanic for years to come , can we have our SAAB back please =) . EIB don’t fail us now .
    I’d also like to thank all the SAAB supporters also , I’d like to think it helped do this . A great brand can be the result for us all .

    Reply to this comment
  16. mi-mi

    26. Jan, 2010

    Horray Horrray Saab, Thank you spyker.

    Today’s Saab’s party day!by my daughter.

    I’m actually crying

    Reply to this comment
  17. Ted Y

    26. Jan, 2010

    Ryan, For all the hard work you put in, you should be feeling very good right now. I hope for a great future for both Spyker SAAB and, of course, Saabhistory.
    I’m very glad that I got to meet you in Detroit.

    Reply to this comment
  18. Tim O'Brien

    26. Jan, 2010

    Ryan,

    Another round of convoys to celebrate ?

    Now we really need to get behind the brand.

    Congratulations to Mr VM, Spyker et al, the activists, the promoters and historians, that’s you Ryan and all the Saab customers that have ever been.

    Reply to this comment
  19. Hide

    27. Jan, 2010

    It’s great news for all of saab owners and supporters.
    Thank you for your effort. Save Saab campaign is also believed to help for the agreement!

    Reply to this comment
  20. Sascha

    27. Jan, 2010

    Dear Ryan,

    I came across your wonderful website only some months ago I would like to express my happiness about your “Save Saab” campaign you started some weeks ago. It was well reflected even in German media.
    Today’s news have proven that there is a serious Saab community whose efforts have led to this success. This is a great days for Saab!

    Greetings from Bremen, Germany
    Sascha

    Reply to this comment
  21. Ryan

    28. Jan, 2010

    I’m still excited by this news and I don’t think it will stop.

    Now the 4th era for Saab begins!

    R

    Reply to this comment

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