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UPDATED: Saab saved as Spyker sale secured

Date: 05 February 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 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 confirmed that it intends to expand to either three or four model lines, with the new executive sector 9-5 due this summer, a new 9-4X off-road model in early 2011, an all-new upper medium 9-3 in 2012 and potentially a smaller 9-1 model also joining the range. The latter is subject to the small car sector continuing to grow, and could depend on Sypker securing extra funding for development.

The deal 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.

"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.



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