Spyker Cars Acquires Saab from General Motors

BEIJING, Jan 28, 2010 – General Motors Corporation (NYSE: GM) announced yesterday that it would sell affiliated Swedish automobile brand Saab to Spyker Cars, a Dutch hand-built carmaker. Both sides have reached an agreement on the sale.

Spyker Cars will offer USD 400 million for the acquisition, including USD 74 million in cash and USD 326 million worth of shares. After the completion of the transaction, it will set up a new company for the operation of the Saab brand. Spyker Cars CEO Victor Muller plans to launch brand new Saab 9-5 in the spring of 2010, Saab 9-4X in early 2011, and Saab 9-3 in 2012.

Last month, Beijing Automotive Industry Holding Co., Ltd. (BAIC) acquired some intellectual properties of Saab. In 2011, the Chinese carmaker will launch proprietary branded passenger cars based on Saab technology and platform.

Source: www.morningpost.com.cn