January 27, 2010 (FinancialWire) — General Motors (OTC: MTLQQ) and Netherlands-based Spyker Cars NV have confirmed that they have reached a binding agreement on the purchase of GM’s Swedish carmaking unit, Saab Automobile AB for $74 million in cash plus $326 million of preferred shares of Saab.

The deal will be facilitated by a $550 million loan from the European Investment Bank, which the Swedish government has agreed to guarantee.

The transaction is scheduled to close in mid-February.

Saab entered the auto business in 1949, and sold around 90,000 cars in 2008. GM acquired a 50 percent stake in Saab in 1990, and acquired the balance of Saab in 2000. GM began seeking a buyer for Saab in January 2009.

FinancialWire(tm) is committed to serving the financial community through true journalism and providing relevant resources to investors. Standards-based, independent equity research on numerous public companies is available through the Investrend Research Syndicate (http://www.investrend.com/reports) written by FIRST Research Consortium (http://www.investrend.com/FIRST) member-providers. Free annual reports and company filings for companies mentioned in the news are available through the Investrend Information Syndicate (at http://investrend.ar.wilink.com/?level=279). FinancialWire(tm), in cooperation with the Investrend Broadcast Syndicate, also provides complete, daily conference call and webcast schedules as a service to shareholders and investors via the FirstAlert(tm) Network’s “FirstAlert(tm) Daily” (http://www.financialwire.net/news-alerts/).

FinancialWire(tm) is a fully independent, proprietary news wire service. FinancialWire(tm) is not a press release service, and receives no compensation for its news, opinions or distributions. Further disclosure is at the FinancialWire(tm) website (http://www.financialwire.net/disclosures.php). Contact FinancialWire(tm) directly via inquiries@financialwire.net.

Legal Disclaimer:

EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.