General Motors has agreed to sell its failing subsidiary Saab to the small Dutch sports car manufacturer Spyker. GM will receive 52.5 million euros from Spyker and will remain a shareholder in Saab.
Saab has applied for a 400-million-euro loan from the European Investment Bank which the Swedish government has agreed to guarantee.
The takeover deal depends on the loan going through and the sale being approved by the European Commission.
The Dutch company has been interested in Saab for some time but, every time the takeover was rumoured to be close, the deal fell through.
The US giant GM was keen to get rid of its ailing subsidiary and has already started winding Saab down. Tuesday's takeover negotiations led to shares in Spyker being suspended on the Amsterdam stock exchange, Euronext.
