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Spyker shareholders approve Saab purchase

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Spyker shareholders approve Saab purchase

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Shareholders in Spyker have approved the 55 million euro purchase of Saab from General Motors.

The meeting held behind closed doors was convened to approve the deal forged two weeks ago.

Chief Executive Victor Muller said the combined company would seek listings on the London and Stockholm stock exchanges and would delist from the Euronext Amsterdam exchange.

Saab produced just 21 000 cars last year, with sales slumping to 40 000 from 95 000 in 2008.

The company aims to raise production to pre-crisis levels with the help of a new sales and distribution strategy.

The goal is to reach profitability by in 2012 – neither Saab nor Spyker have turned in a profit over the past decade.