General Motors Co. is expected to close its sale of Sweden-based Saab Automobile AB next month, having reached a binding agreement with Spyker Cars NV of the Netherlands.
Terms are not disclosed.
GM’s wind-down of Saab, begun last month after the collapse of a sale agreement to Swedish performance-car maker Koenigsegg Group AB, is suspended, the auto maker says.
“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,” John Smith, GM vice president for corporate planning and alliances, says in a statement.
As part of the deal, Spyker agrees to form a new company, Saab Spyker Automobiles, which will preserve the Saab brand.
Intellectual property rights and the development of future product have been sticking points in the talks to sell Saab. But Nick Reilly, President-GM Europe, suggests the problems now are resolved.
“GM will continue to support Saab and Spyker on their way forward,” Reilly says.
