GM wraps up deal with Spyker

DETROIT, Feb. 23 (UPI) -- General Motors Co. said Tuesday it had finalized the sale of its Swedish brand Saab to Spyker, the Dutch firm known for high-end sports cars.

"The transaction represents the successful outcome of months of hard work and intense negotiations," GM said in a statement. "Going forward, Saab and Spyker will operate under the Spyker umbrella and Spyker will assume responsibility for Saab operations."

Nick Reilly, president of GM Europe said, "GM worked with many parties ... to find a solution for Saab. I'm very pleased that we could come to a positive conclusion."

GM bought half of Saab and in 1990 and the remaining 50 percent in 2000, but decided to part with the brand as the recession and its 2009 stint in bankruptcy court forced it to pare down its operations.