GM, Spyker say Saab deal is binding

Jan. 26, 2010 at 4:42 PM

DETROIT, Jan. 26 (UPI) -- General Motors Co. and Spyker Cars NV confirmed Tuesday they have a binding deal for the U.S. automaker to sell the Swedish brand Saab to the Dutch company.

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

"And great news for GM," Smith threw in.

GM did not reveal details on the agreement, but said, "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," GM said the deal is expected to close next month.

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