Business

Spyker: Saab deal is done

AMSTERDAM — Dutch company Spyker Cars said today it has completed its $74 million purchase of loss-making Swedish carmaker Saab from General Motors.

Spyker says the deal announced last month is now final and ownership of Saab has been transferred.

Spyker CEO Victor Muller said he was delighted and the deal would secure Saab's future.

"From today we will be concentrating all of our efforts into reviving Saab and transforming it into a sustainable and profitable company," he said in a statement.

Saab sold around 40,000 cars in 2009, down from 94,000 a year earlier.

Saab has around 3,400 Swedish employees.

"Now we aim to get back to the execution of our business plan, starting with the introduction of the new 9-5 later this year," said Jan Jonsson, the Swedish executive who will run Saab under Muller's supervision.

Tiny Spyker, based in Zeewolde, the Netherlands, is a maker of luxury cars that cost over $200,000 each. It sold only 23 cars in the first half of 2009, its most recent reporting period, and posted a net loss of 8.7 million.

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