After so much back and forth, GM has officially announced that the automaker has reached an agreement with Spyker concerning the sale of Saab Automobile AB.
"Today's announcement is great news for Saab employees, dealers and suppliers, great news for millions of Saab customers and fans worldwide, and great news for GM," said John Smith, GM vice president for corporate planning and alliances. "General Motors, Spyker Cars, and the Swedish government worked very hard and creatively for a deal that would secure a sustainable future for this unique and iconic brand, and we're all happy for the positive outcome."
Part of the new agreement is that Spyker will form a new company, Saab Spyker Automobiles. GM hasn't announced all the details of the agreement, but its been released that GM will get $74 million in cash while the European Investment Bank will provide a 400 million euro loan ($566 million). GM will retain preferred shares worth about $326 million in Saab.
Spyker's chairman, Vladimir Antonov, has also agreed to step down as part of the agreement.