General Motors has finally sold its Saab brand to Dutch Company Spyker Cars. The deal was such that Spyker adds 15 euros a share in equity and 60 euros of assets to the firm. "From today we will be concentrating all of our efforts into reviving Saab and transforming it into a sustainable and profitable company with the confidence to be bold,” said CEO Victor Mueller, Spyker Chief Executive.
Saab is a Swedish brand that was owned by General Motors for quite a few decades. Now the new ownership has been transferred to the Dutch company where General Motors still owns preferred shares in Saab worth $326 million, and Spyker has received a euro 400 million loan backed by the Swedish government. Saab currently employs nearly 3400 Swedish employees.
"Now we aim to get back to the execution of our business plan, starting with the introduction of the new 9-5 later this year," said Jan Jonsson, the Swedish executive who will run Saab under Muller's supervision.
Meanwhile, the Russian investor Vladimir Antonov has ordered private investigators to prove that he is still worthy of returning as a shareholder in newly formed group. Antonov was ousted from the acquisition earlier.
