GM Completes Sale Of Saab To Spyker Cars
General Motors has completed the sale of Saab Automobile to Dutch sportscar maker Spyker Cars, in a move to secures the future and start a new era for the Swedish iconic brand.
Under the transaction, the Saab and Spyker will operate as sister companies under the Spyker umbrella, and Spyker will assume responsibility for Saab operations.
John Smith, vice president of corporate planning and alliances at General Motors, said: This transaction represents the successful outcome of months of hard work and intense negotiations, all aimed at securing a sustainable future for this unique brand, and we are pleased with the positive outcome.
Victor Muller, CEO of Spyker Cars, said: We are delighted - Saab's future is now secure. From today we will be concentrating all of our efforts into reviving Saab and transforming it into a sustainable and profitable company with the confidence to be bold.”
The acquisition is expected to add Spyker with approximately EUR15 per share in equity and EUR60 of assets.
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