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GM Reaches Agreement to Sell Saab to Spyker

January 27, 2010

DETROIT — General Motors and Spyker Cars NV confirmed Tuesday that they have reached a binding agreement on the purchase 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,” Smith said.

“It has been a challenging 12 to 15 months for Saab but our global organization has shown a fighting spirit that will serve us well going forward,” said Jan Åke Jonsson, CEO of Saab Automobile AB. “The agreement with Spyker Cars has secured Saab´s future and will enable us to maximize the brand´s potential through an exciting new product line-up with a distinctly Saab character."

As part of the agreement, Spyker intends to form a new company, Saab Spyker Automobiles, which will carry the Saab brand forward. 

The sale will be subject to customary closing conditions, including receipt of applicable regulatory, governmental and court approvals. Deutsche Bank acted as financial advisor to General Motors Corporation. Other terms and conditions specific to the sale will be disclosed in due time.

The Swedish government is at present reviewing the transaction and the related request for guarantees of a Saab Automobile loan that has been requested from the European Investment Bank. Assuming quick action, the transaction is expected to close in mid-February, and previously announced wind down activities at Saab will be immediately suspended, pending the close of the transaction.

“Throughout the negotiations, GM has always had the hope to find a solution for Saab that would avoid a wind down of the brand,” added Nick Reilly, president, GM Europe. “We’ve worked with many parties over the past year, including governments and investors, and I’m very pleased that we could come to such a good conclusion, one that preserves jobs in Sweden and elsewhere. GM will continue to support Saab and Spyker on their way forward.”

"Following today's announcements, I can say with confidence that I, along with the team at Saab and Spyker, am looking forward to a bright and exciting future,” said Victor Muller, CEO of Spyker Cars NV. “As we've said from the beginning, Saab is an iconic brand that we will all be proud to shepherd."

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