GM Sells Saab to Spyker

General Motors last night announced that it has reached a 'binding agreement' to sell Swedish car-maker Saab to Dutch supercar maker Spyker.

The deal is expected to be concluded in mid-February. GM has immediately halted the winding-down process that it started before Christmas, while former boss Jan Ake Jonsson, who was stood down as part of that process, has been reinstated with immediate effect.

Spyker will pay £47 million for Saab in two stages, while GM, surprisingly, will retain a majority share in the company that will allow it to benefit from any future profits. In effect, the deal creates a joint venture between Saab and GM that will see the American company retaining over half the shares.