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Spyker buys Saab

A new 9-5 is into the final stages of testing and is now likely to hit motor shows, and then showrooms, this year.

With wind-up proceedings into their final phase, and production dropping by the day at its factory in Sweden, the company has now been - finally - sold by General Motors.

The new owner of Saab Automobile AB, who paid $82.2 million, is the Dutch supercar maker Spyker Cars. The Spyker deal follows the collapse of a similar sale last year to another supercar company, Koenigsegg. GM bought Saab in the 1980s but never got it to pay its way, partly because it did not spend enough on new products.

A new 9-5 is into the final stages of testing and is now likely to hit motor shows, and then showrooms, this year. The sale is confirmed by both Spyker boss Victor Muller and the CEO of General Motors, Ed Whitacre.

"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,” says John Smith, GM's 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."

The change of ownership will see the creation of a new company, Saab Spyker Automobiles. The deal is expected to be confirmed in February, following approvals from banks and the Swedish government.