Dutch Spyker finalizes purchase of Saab brand from GM

• Source: Xinhua
• [09:02 February 24 2010]
• Comments

2008 Saab 9-3 SportCombi

General Motors (GM) on Tuesday announced that Dutch sports carmaker Spyker and it had finalized the deal for Spyker to purchase the Swedish brand car company Saab.

Spyker chief Jan Ake Jonsson confirmed the news and expressed that he was very glad and hopeful for future, according to a report by the Swedish news agency TT.

"I calculated that it will take three to four weeks before we can be back for production as we want," Jonsson was quoted as saying by TT.

The previous order from GM to wind down the production comes to an end.

There has been doubts about Spyker's financial situation in purchasing Saab from GM. But with the guarantee from the Swedish government, the European Investment Bank approved a huge loan to Spyker.

"Saab has lost a lot of its DNA in recent years. We will get it back and produce the real Saab for future," said Spyker Cars CEO Victor Muller.

GM acquired a 50 percent stake in Saab in 1990, and acquired the balance of Saab in 2000. But since January 2009, it has begun seeking a buyer for Saab.

It's believed that the avoiding of winding down helps save thousands of jobs in Sweden.