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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