Saab Escapes Death Courtesy of Spyker Motors

After a torturous few months of indecision, GM has reportedly reached an agreement to sell Saab’s auto division to Dutch supercar company Spyker.

The deal reportedly gives GM $74 million up front, while it pockets $326 million in preferred shares from Saab’s new parent company. Also rumoured to be part of the deal is a guarantee that the Swedish government (who fought intently to keep the country’s second biggest car company afloat) is able to secure a 400 million euro loan.

Perhaps one of GM’s oddest requests in order to seal the deal was the insistence of removal of Spyker’s Chairman, Vladamir Antonov. Antonov is of Russian decent (his name really gives it away, doesn’t it?) and GM is quite adamant that their technology be kept out of the Russians proverbial hands. This was reportedly a condition in the now dead Opel-Magna deal as well. American pride is great, isn’t it? In any event, Antonov has agreed to step down in order for the deal to carry through.

Read the rest of this entry »