General Motors (GM) and the Dutch specialist carmaker, Spyker Cars NV confirmed that they have reached a binding agreement for the purchase of Saab. The deal is conditional on Spyker getting a €400 million loan from the European Investment Bank. Spyker intends to form a new company, Saab Spyker Automobiles, which will carry the Saab brand forward.

The sale will be subject to closing conditions, including government and court approvals.

The Swedish government is at present reviewing the transaction and the request for guarantees of a Saab Automobile loan that has been requested from the European Investment Bank. The transaction is expected to close in mid-February. The wind down activity at Saab has been suspended pending the close of the transaction.

GM bought 50 per cent of Saab in 1990 and the balance of the company shares in 2000. GM reported that Saab has been making losses since then.

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