GM's $400m deal with Spyker saves Saab
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.General Motors agreed last night to sell its Saab Automobile brand to the Dutch car-maker Spyker after more than 12 months of trying to offload the Swedish marque.
Spyker, a company that was liquidated in the 1920s only to be reborn as a luxury sports car specialist in 2000, said it would pay GM $74m in cash and $326m in deferred shares for Saab.
Spyker only joined the bidding last month, but a sale was already looking so unlikely that within weeks GM began to wind the company down, including its factory at Trolltattan. It suspended the shutdown yesterday.
Under the agreement, Spyker will form a new company – Saab Spyker Automobiles – to take over the brand. Saab Automobile is seeking to borrow €400m ($564m) from the European Investment Bank, a loan that Sweden said yesterday it would guarantee. If all goes to plan, the deal will be done by the middle of next month.
The purchase will transform Spyker, which currently employs 110 people and produces between 30 and 50 cars per year, each selling for about £150,000. Saab employs 3,400 workers and, although its sales dropped by half last year, it still built 24,000 cars.
After Spyker's first offer, GM said before Christmas that Saab had no future. Within three weeks there were three new bids: one from Spyker; a pitch from the Formula One tycoon Bernie Ecclestone and Genii Capital, and one from a Swedish consortium.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments