Saab-Spyker Deal Finalised

Updated 17:30

General Motors sale of Saab Automobile to the Dutch luxoury car maker Spyker has been completed, and the last contracts have been signed, according to the news agency TT. Saab CEO Jan Åke Jonsson has called a press conference later this afternoon to announce the details.

Meanwhile, Spyker said in a statement that "The transfer of ownership took place at 4:30 pm on February 23."

The statement also said that "Saab Automobile and Spyker Cars will operate as sister companies under the umbrella of the Amsterdam Euronext listed parent company Spyker Cars N.V.".

The Spyker share on the Dutch Exchange went up by 2,6 % immediately after the announcement, which according to TT means that the share has increased its value by 63 % since the New Year.

More soon.