DETROIT -- Dutch sports-car maker Spyker Cars NV has agreed to buy Saab from General Motors Co. for $74 million in cash, saving the Swedish brand from a shutdown, Reuters reported, citing a source.
Bloomberg News also said Spyker will pay $74 million in addition to $326 million worth of shares in the Spyker-Saab merged company. The deal is subject to Sweden's guarantee of a $563 million European Investment Bank loan, Bloomberg said.
Spyker spokesman Mike Stainton saId an announcement that had been due at the end of the business day would come "very soon." He would not be more specific.
Spyker is the last bidder standing for Saab, which GM has been trying to sell for more than a year. In late December GM said it would wind down Saab operations, although negotiations continue.
Spyker CEO Victor Muller has said Spyker wants Saab so it can share product development costs, tap Saab's dealer network and cut the cost of making each vehicle. At the Automotive News World Congress this month, he said he believes Saab can be “very, very profitable,” partially by sticking with its own DNA.
Saab's loyal buyers were sometimes frustrated by the way the Swedish automaker's product looked under GM, he said. “People were interested in buying a ‘Saab' Saab, not an ‘Opel' Saab, for instance,” Muller said.
The investment company Genii Capital said it had withdrawn from the bidding, leaving Spyker as the remaining bidder to rescue the Swedish auto brand.
An effort to sell Saab to Swedish luxury-car maker Koenigsegg fell through in November.
Reuters contributed to this report.