Sources close to the Saab deal say General Motors has agreed to sell the Swedish unit to Spyker. A press conference is scheduled for 19:15 CET (1:15 p.m. EST) to discuss the sale, according to saabsunited.com.
Trading of Spyker stock was suspended on the Amsterdam stock exchange at 12:45 GMT, a positive indicator that a deal has been arranged. Sources indicate that Spyker will pay GM $500 million in cash, Saab liquidity and preferred stock. Official figures should be released in the press conference.
Update
General Motors and Spyker Cars NV have confirmed a binding agreement for Saab, according to saabsunited.com. A new company called Saab Spyker Automobiles will be created as part of the agreement, and Spyker will pay GM $74 million dollars as well as $326 million in the new company's preferred stock.
According to a press release, "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."
If everything goes according to plan the transaction should be completed by mid-February. Previously scheduled wind down operations will be suspended pending the close of the transaction.
[source: saabsunited]
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