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GM has announced that it has reached a deal with Dutch sports car maker Spyker for the sale of Swedish carmaker Saab. The deal concludes the long-standing saga which at one point saw GM announce that it will wind up the Swedish brand. However, GM and Spyker Cars have now reached an agreement which will see the sale of Saab to the Dutch sports car maker. "Today's announcement is great news for Saab employees, dealers and suppliers, great news for millions of Saab customers and fans worldwide, and great news for GM," said John Smith, GM vice president for corporate planning and alliances. "General Motors, Spyker Cars, and the Swedish government worked very hard and creatively for a deal that would secure a sustainable future for this unique and iconic brand, and we're all happy for the positive outcome," Smith said. As part of the deal, Spyker will form a new company, Saab Spyker Automobiles. GM will also cease winding down activities of Saab, and the deal is set to be completed by mid-February, pending the approval of a Saab Automobile loan that has been requested from the European Investment Bank. "Throughout the negotiations, GM has always had the hope to find a solution for Saab that would avoid a wind down of the brand," added Nick Reilly, president, GM Europe. "We've worked with many parties over the past year, including governments and investors, and I'm very pleased that we could come to such a good conclusion, one that preserves jobs in Sweden and elsewhere. GM will continue to support Saab and Spyker on their way forward."

GM has announced that it has extended its deadline for potential bidders of Saab, in a move that hands the Swedish car-maker a lifeline for survival. GM is still continuing the wind-down process of Saab though, but in the wake of renewed interest in Saab from Spyker Cars, as well as several other interested parties, GM has extended the deadline for bids from 31st December to 7th January. "We are preparing the wind-down process. At the same time we are open to options, to bids that come in. Therefore the deadline has also been dropped," said Saab spokesman Eric Geers. Spyker CEO Victor Muller has made a final offer for Saab, with a decision to be made soon. Saab has also announced that it will restart production of the new 2010 Saab 9-5 as well as the 9-3 Convertible models. "We have the orders and we have to deliver them as usual. We also have the orders for the 9-3 and others. The factory has to continue again," Geers said.

[extract] Ever heard of the brand SAAB? I suppose you have. Ever seen the actual car recently? I suppose you haven

[extract] The "F" in F1 could stand for "First Aid" now. In a surprise turn of events, Formula One tycoon Bernie Ecclestone and partner Genii Capital emerged as a rival to Dutch super-car maker Spyker Cars NV in making last-ditch efforts to buy General Motors Co.

Spyker, the Dutch sportscar maker has extended its last-ditch bid offer to buy Saab from General Motors.

[extract] Spyker has made a very last minute revised offer which apparently addresses and eliminates 11 key

[extract] General Motors has issued an official announcement saying that it will gradually shut down Saab, following a breakdown in the negotiations with Spyker after "certain issues" arose in the deal. A previous deal by Koenigsegg to buy up Saab feel apart in late November, and General Motors then reiterated that it will shut down the 72-year-old Swedish brand if it is not sold by end of 2009. General Motors