According to Bloomberg.com EIB, the European Investment Bank, has approved the $543 million loan to Saab, which thus clears the way for General Motors to sell the company to Spyker Cars. The loan also has a guarantee from the Swedish government as well as European Union state-aid clearance. Spyker is buying Saab for $74 million in cash and $326 million in preferred shares in the company.
The company will now be called Saab Spyker Automobiles and will be listed in both London and Stockholm, and the company has already raised $50 million that it owes to General Motors, with the other $24 million expected by July 15th. Spyker makes the C8 Alleron sports car, if you were wondering, though the auto transport industry in the United States doesn’t ship many of them as they are mostly a European vehicle. Saab will still be sold in the United States, though many of them will now be sold in Europe.