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Saab sale a done deal?
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Posted by Richard Scott (more from Richard Scott) on Tue, 26 Jan 2010 19:40:18 Share Post by Email
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From the Wall Street Journal Market Watch, this afternoon:
Headline: "Spyker inks deal to buy Saab from GM"

Text: "Dutch sports car maker Spyker Cars on Tuesday agreed to buy Saab in an eleventh hour deal to keep General Motors Co. from tossing the Swedish manufacturer onto the scrap heap.

"GM has always had the hope to find a solution for Saab that would avoid a wind down of the brand," said Nick Reilly, president of GM Europe. "I'm very pleased that we could come to such a good conclusion, one that preserves jobs in Sweden and elsewhere."

"The deal is expected to close in mid-February and Spyker said it intends to form a new company named Saab Spyker Automobiles."

"Earlier this month, a deal to shield Saab from its demise appeared unlikely. GM Chairman and CEO Ed Whitacre said he didn't see a sale taking place even as potential bidders, like Spyker and Formula One tycoon Bernie Ecclestone, showed interest."



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