General Motor's 20-year relationship with Saab is nearly over. In a statement Tuesday, GM announced it has finalized the sale of Saab Automotive AB to Dutch luxury car company Spyker Cars NV. The deal for Saab was announced last month.In a statement on its web site, GM vice-president John Smith said the transaction "represents the successful outcome of months of hard work and intense negotiations, all aimed at securing a sustainable future for this unique brand, and we are pleased with the positive outcome."
GM acquired a 50% stake in Saab in 1990 and the balance of the Swedish car-maker in 2000. As Saab sales began to plummet with the global economic downturn, GM began shopping around for a buyer in January of last year.
GM retains $326 million in preferred Saab shares and Spyker received a Euro 400 million loan, backed by the Swedish government.
GM's attempts to find a new home for its Hummer division, meanwhile, are in doubt. Chinese regulators are reportedly putting up roadblocks for a plan to sell the SUV line to Tengzhong Heavy Industrial Machinery. Tengzhong and GM have a February 28th deadline to finalize the deal.
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