MercoPress. South Atlantic News Agency

GM sells Saab to Dutch luxury car maker Spyker

The new company Saab Spyker Automobiles will avert the planned liquidation of the Swedish brand

Troubled Swedish carmaker Saab has been sold to Dutch luxury sport car maker Spyker. The sale was made by its current owners General Motors (GM) who said they had entered into a “binding agreement” to sell the iconic brand to Spyker.

As part of the agreement, Spyker will form a new company, Saab Spyker Automobiles, which will carry the Saab name forward and avert the planned liquidation of the company.

The announcement appears to end a series of on-off deals for the Swedish firm, amid intense fears of job losses in the Scandinavian country. At one point Formula 1 boss Bernie Ecclestone had been touted as a potential saviour.

GM officials said the deal calls for Spyker to pay 74 million USD in cash and allow the US giant to retain shares worth an estimated 326 million USD. The deal could go through as soon as mid-February said GM, which also said it would suspend its previously announced wind-down activities at Saab.

John Smith, of GM, said: “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... brand and we're all happy for the positive outcome.”

Spyker chief executive Victor Muller said: “We are very much looking forward to being part of the next chapter in Saab's illustrious history. Saab is an iconic brand that we are honoured to shepherd.

”We are delighted to have secured the jobs and livelihoods of thousands of loyal Saab employees, suppliers and dealers and to have given reassurance to the 1.5 million Saab drivers and enthusiasts around the world”, added Muller.