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Saab deal approved by Spyker shareholders

Shareholders in Spyker have approved the $74 million buyout of Saab from General Motors.

Spyker chief executive Victor Muller said today, after the decision to approve the deal was given in a closed meeting, the combined company would become profitable in 2012 - a remarkable turnaround for both companies, neither of which have made money for many years.

Spyker's Muller has already secured the $50 million needed to close the deal with GM, with the remaining $24 million due in July.

The new company will also have $326 million in shares issued to GM, $200 million in cash and a €400 million European Investment Bank loan.

 

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