GM Reaches Agreement to Sell Saab to Spyker

[6 Shooter]

DETROIT – General Motors and Spyker Cars NV today confirmed that they have reached a binding agreement on the purchase of Saab Automobile AB.

"Today’s announcement is great news for Saab employees, dealers and suppliers, great news for millions of Saab customers and fans worldwide, and great news for GM,” said John Smith, GM vice president for corporate planning and alliances.

“General Motors, Spyker Cars, and the Swedish government worked very hard and creatively for a deal that would secure a sustainable future for this unique and iconic brand, and we're all happy for the positive outcome,” Smith said.

As part of the agreement, Spyker intends to form a new company, Saab Spyker Automobiles, which will carry the Saab brand forward. The sale will be subject to customary closing conditions, including receipt of applicable regulatory, governmental and court approvals. Other terms and conditions specific to the sale will be disclosed in due time.

The Swedish government is at present reviewing the transaction and the related request for guarantees of a Saab Automobile loan that has been requested from the European Investment Bank. Assuming quick action, the transaction is expected to close in mid-February, and previously announced wind down activities at Saab will be immediately suspended, pending the close of the transaction.

“Throughout the negotiations, GM has always had the hope to find a solution for Saab that would avoid a wind down of the brand,” added Nick Reilly, president, GM Europe. “We’ve worked with many parties over the past year, including governments and investors, and I’m very pleased that we could come to such a good conclusion, one that preserves jobs in Sweden and elsewhere. GM will continue to support Saab and Spyker on their way forward.”

GM Media - News & Information

 

[65-to-00]

Keeping fingers crossed .. but ???

It is doubtful that he will be able to make the quota of 100,000 units he will need to survive especially since they will be operating on just the 9-5 alone and a 9-3 replacement will be at least two years down the road. I've been trying to get a handle on the status of the 9-4 but haven't had any luck.

That said, I am now the owner of a black on black (like the 00' Vette), 6 speed with XWD. OK, ok, it's not the 280 hp six but it was the best I could do and the 210 has some potential. My old Toyota truck was getting "issues" ... like to the tune of about .. an average of $400 worth of issues a month ... for the last year and when the tranny started to get weird ... it was time so I couldn't resist the "blow out sale".

There is also a school of thought .... and I kind of believe it .... that GM didn't give a hoot if Saab fell flat and just rolled over and died. The motive ... why would GM want to compete with itself .... I've only seen one Euro Opel but it was pretty darned impressive, so they can sell under one name or another. I was on a few sites last night and did not realize how many versions of Saab they offer in Europe! Wow! They are bread & butter cars and not (except for the Hirsch performance line), but lots of cool diesel and most are six speeds ..... the Euros love to shift .... unlike here where I had to work and make lots of calls to find a manual tranny. They also keep their cars in much better shape too.

We have had something like seven Saab's now .... most have been pretty good, but one 900 was "The Saab from Hell" ... and another was an abused "orphan" money pit ... I'm not a fanatic about the brand but they used to be .... OK, they were good "nut case" cars and had lots of points on just being kind of weird and the "roll cage", Erik (On The Roof), Carlsson and all that ...

I just have to figure out how to put a big ol' set of Hella drivers on this XWD, and a throttle body or chip and, and, and,

Sadly, my gut tells me that the brand will die. The kids who are spending the money are into the ricer action. When Saab and Porsche came over here and "made their bones", they, along with Mercedes, were actually cheaper and offered better value and of course much of it was an illusion and ad hype ... performance. They had bucket seats and could go around corners without wallowing like as Uncle Tom McCahill would put it ... "like a rhinoceros on a wet clay bank .. but cornered like a weasel in a drainpipe".

If, if, if .... they had offered those basic good machines six or seven years ago ... like a 45/50 mpg diesel with an "enviro-friendly" theme ... they might have developed a fan base and had a pigs prayer. In our "code-blue" of an economy ... ????