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GM Sells Saab to Spyker

Published tisdag 26 januari 2010 kl 17.30
Paul Åkerlund, trade union representative at the Saab plant in Trollhättan, pleased with the news. Photo: Jan Andersson/SR.

Updated 21:30

After months of negotiations and many ups and downs, the American car giant General Motors announced on Tuesday evening that it will sell Saab to the Dutch luxoury car maker Spyker. The new company will be called Saab Spyker Automobiles.

"It feels great right now, wonderful that it worked out," a relieved Paul Åkerlund, trade union representative, told the news agency TT at the Saab plant in Trollhättan, where the 3,500 jobs now are expected to be saved.

Shortly after the announcement from General Motors, Sweden's minister of Trade and Enterprise, Maud Olofsson, confirmed that the Swedish Government will guarantee a 563 million dollar loan that Saab has requested from the European Investment Bank. Olofsson was very pleased, and emphasised that everybody involved had worked very hard to reach this point.

Later, at a joint Saab-Spyker press conference in Stockholm, Saabs CEO, Jan-Åke Jonsson shone like the sun. "I have said many times that to be part of a smaller organisation is great, great news for Saab," Jonsson said, praising Spyker's entrepreneurial spirit and enthusiasm.

Spyker's CEO Victor Muller confirmed that they were in this "for the long haul" and said he was proud of the resilience of the Saab workers throughout the process.

The two missing pieces in the jigsaw now is green light from the European Investment Bank and from the European Commission but Minister of Trade and Enterprise Maud Olofsson does not expect it will cause any problems.

According to GM, the deal can be finally sealed in mid-February, if everything goes according to plan.

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