Tuesday

Saab Lives, thanks to Spyker Auto

Well, perhaps the turmoil of the last year is over for at least one of GM's orphaned brands, Saab.

For 20 years GM has had control of Saab but it now has reportedly struck a deal with Spyker Cars NV, a Dutch sports car builder, for sale of the trouble Swedish Saab brand. Spyker sought, and apparently obtained government loans to back the deal, reportedly in excess of half a billion dollars.

The new company will be called Saab Spyker Automobiles NV and will be owned in small, toe-hold part by GM.

The $74 million price tag will be paid for in two lump sums, if the deal goes through. $326 million worth of preferred shares in the merged company also goes to GM but those shares represent less than 1 percent of Saab Spyker's voting rights, Spyker said.

While some Saab dealers have already cut back or closed, it's good news for the struggling brand and its remaining dealers.

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