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Saab saved as sale to Spyker secured

Date: 27 January 2010

The future of Swedish manufacturer Saab has been secured after Dutch sports car brand Spyker confirmed it has agreed a deal to buy the ailing firm from General Motors.

Sypker's statement said it expects to close the deal by the end of February in a $74m (£45.9m) acquisition, and has also confirmed that it aims to operate Saab as a stand-alone business separated from GM UK, including all distribution, sales and marketing channels. The fleet implication and timetable for separation will become more apparent as the details begin to emerge in the coming weeks.

Spyker has also confirmed that it intends to change the company name to Saab Spyker Automobiles.

"Spyker cars will provide Saab with the backing required to compete as a competitive global brand along with an entrepreneurial leadership team sensitive to the uniqueness, heritage and individuality of the Saab brand," said Spyker chief executive Victor Muller.

The move ends GM's plans to wind down the brand, which had been threatened since it failed to strike a deal to sell by the end of 2009, the original deadline for sale completion following 12 months of attempts to dispose of Saab.

It also confirms that the much-needed new 9-5 will be launched later this year, with production already underway at Saab's Swedish plant.

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