General Motors sells Saab to Dutch firm Spyker

by GD Tue 26 Jan 2010, 7:15 pm

Saab has not made a profit since 2001

Sweden's Saab is being sold to Dutch luxury carmaker Spyker, General Motors (GM) has confirmed.
GM has been trying to sell Saab since January 2009. Earlier this month, it said it would start to shut down the firm while still looking for a buyer.
But GM said wind-down activities would be immediately suspended, "pending the close of the transaction".
Spyker sold 43 cars in 2008, when it posted a loss of $35m (£21m). Terms of the deal were not specified.

ANALYSIS

Jorn Madslien, Business reporter, BBC News

Saab, the car that emerged from a company making fighter jets, is set for a new existence as a subsidiary of Spyker, a small, loss-making Dutch sports car maker.
Spyker chief Victor Muller says he wants to create more jobs, rather than reduce the Saab workforce, as he is keen to prevent the number of cars produced from falling further.
But others have tried and failed to make Saab into a volume carmaker.
For the 3,400 workers at Saab's factory in Trollhaettan, the deal offers a glimmer of hope for the future, though it is too early to suggest their jobs are safe.

However, reports suggest that Spyker paid $74m for Saab.
'Great news'
Saab lost 3bn kronor (£255m; $412m) in 2008, and has not made a profit since 2001.
US group GM rejected an earlier offer from Spyker for Saab in December.
Shares in Spyker were earlier suspended on the Amsterdam stock exchange, with the Dutch financial market regulator saying the move was "pending [a] press release" from the company.
Its shares were 2.8% higher before the suspension, after having risen more than 60% on Monday.
"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," he said. (from BBC)

Good to see the Saab name keep going...