Spyker set to announce Saab buy, Swedish TV says

ERJ staff report (AN)

Stockholm (Reuters) -- Spyker Cars NV is set to announce the purchase of Saab from General Motors Co., and the Swedish government has agreed to guarantee loans for the deal from the European Investment Bank, Swedish television reported today.

General Motors Co. chairman Ed Whitacre has called a press conference for 11:30 a.m. EST in Detroit to discuss "business activities." He is expected to confirm the deal then.

Sverige Television said the deal was finally done following approval of a key €400 million ($556.2 million) loan from the EIB.

The Dutch luxury carmaker will announce the purchase during a press conference to be held later today, Sverige Television said without citing sources.

According to Swedish media, the Swedish government has scheduled an extra cabinet meeting for 8:30 a.m. EST to decide whether to provide a state guarantee for the loan.

“Yes, the government will hold and extra meeting this afternoon about a number of issues, but the question of loan guarantees will also probably come up,” enterprise ministry deputy director Hans G. Pettersson told the TT news agency.

Saab declined to comment on the report.

Pettersson added that he can't confirm that the deal between GM and Spyker is finished.

Said Pettersson: “Even if things look good now, it has happened before that someone falls at the goal line. It's not finished until both parties go out with it.”

From Automotive News (A Crain publication)