Spyker Suing GM Over Failed Saab Deal

Posted Aug 7, 2012

Spyker Cars NV is a Dutch company that acquired Saab from General Motors Company.  Now Spyker is suing GM for $3 billion in damages.  Under the ownership of Spyker, Saab hit a huge decline.  Spyker took over Saab for $74 million in February 2010 with the hopes of making a profit.  Spyker is accusing GM of blocking Spyker’s attempts to sell Saab to a Chinese buyer, which drove the company into bankruptcy.  As part of the deal to sell Saab, GM had retained say over GM’s technology used by Saab and $327 million in preferred shares in case Saab started to make a profit. [Lansing State Journal]