Spyker To Sue GM Over Failed Saab Takeover
AMSTERDAM (AP) — Spyker Cars NV, the tiny Dutch company that bought Swedish carmaker Saab from General Motors Co., says it is now suing GM for $3 billion in damages.
Saab continued a downward spiral under Spyker's ownership, which had taken over the manufacturer for $74 million in February 2010 in hopes of returning it to profitability. The Swedish company eventually went bankrupt a little more than a year later.
Spyker alleges that GM blocked the Dutch company's attempts to sell Saab to a Chinese buyer, driving the carmaker into bankruptcy.
GM could not immediately be reached for comment. As part of the deal selling Saab, GM retained say over GM technology used by Saab and $327 million in preferred shares in case Saab might ever turn a profit.