GM Reaches Deal To Sell Saab To Spyker

Spyker, a specialty car maker that makes only a dozen cars a year, has actually managed to come to a deal to buy Saab from GM, says Dow Jones.

Spyker, which only makes a few dozen cars a year, agreed to pay GM at least $74 million in cash, while the European Investment Bank will provide a 400 million-euro loan guaranteed by the Swedish government, said GM Vice President John Smith, who led Saab talks.

Upon completion of the transaction, GM will retain redeemable preference shares of $326 million in Saab. The preference shares represent less than 1% of the voting rights in the capital of Saab.

“The company has a sustainable business plan and GM is receiving fair value for Saab,” Smith said in a conference call with reporters.

The Spyker CEO says he intends to restore the “saabish” qualities that people are fond of, though we’re not sure what those are.

The company also plans to change its name to Saab Spyker Automobiles.

UPDATE: GM Reaches Deal To Sell Saab To Spyker [WSJ]