GM, Spyker Finalize Saab Sale
GM acquired a 50% stake in Saab in 1990 and the balance of the Swedish car-maker in 2000. As Saab sales began to plummet with the global economic downturn, GM began shopping around for a buyer in January of last year.
GM retains $326 million in preferred Saab shares and Spyker received a Euro 400 million loan, backed by the Swedish government.
GM's attempts to find a new home for its Hummer division, meanwhile, are in doubt. Chinese regulators are reportedly putting up roadblocks for a plan to sell the SUV line to Tengzhong Heavy Industrial Machinery. Tengzhong and GM have a February 28th deadline to finalize the deal.