Tuesday, January 26, 2010

SAAB SAVED FROM THE DEAD


AMSTERDAM – General Motors Co. said Tuesday it has reached an agreement to sell its struggling Saab Automobile arm to the small Dutch luxury carmaker Spyker Cars NV.GM has not specified terms of the deal, but a Wall Street Journal report citing anonymous sources says the sale price is roughly $74 million, and GM will retain preferred shares in Saab worth $326 million. Meanwhile, the fate of gas guzzler and penis substitute HUMMER hangs in the balance.

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