GM Reaches Agreement to Sell Saab to Spyker

General Motors and Spyker Cars NV has today confirmed that a binding agreement to purchase the Saab Automobile AB reached.

"Today's announcement is good news for the employees of Saab, dealers and suppliers, good news for the millions of customers and Saab enthusiasts around the world, and good news for GM," said John Smith, GM Vice President of corporate planning and unions.

"General Motors, Spyker Cars and the Swedish government has worked very hard and creatively to an agreement that will ensure a sustainable future for this unique and iconic brand, and we are all happy for a positive outcome," said Smith.

According to the agreement, Spyker is planning to start a business, Saab Spyker Cars, which will be borne by the Saab brand forward. Sale is subject to customary conditions, including receipt of the relevant legal, judicial and governmental approvals. Other conditions specific to the sale will be announced on time.

The Swedish Government is currently reviewing the transaction and related request for loan guarantees for Saab Automobile, which asked the European Investment Bank. Assuming that rapid action is expected that the transaction will be completed in mid February, and announced earlier to close the Saab will be immediately suspended, pending the completion of the transaction.

"During the talks, GM is always the hope of finding a solution for Saab, which will prevent clotting brand," added Nick Reilly, president of GM Europe. "We have worked with numerous parties in the past year, including governments and investors, and I am very pleased that we can come to this conclusion well, one that jobs in Sweden and other countries reserves. Spyker Saab and GM will continue support on their way. "