SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549-1004
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) January 26, 2010
GENERAL MOTORS COMPANY
(Exact Name of Company as Specified in its Charter)
(State or other jurisdiction
|300 Renaissance Center, Detroit, Michigan||48265-3000|
|(Address of Principal Executive Offices)||(Zip Code)|
(Companys telephone number, including area code)
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the company under any of the following provisions:
|¨||Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)|
|¨||Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17-CFR 240.14a-12)|
|¨||Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))|
|¨||Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))|
|Item 8.01.||Other Events|
On January 26, 2010, General Motors Company (GM) issued a news release announcing that a binding agreement was reached with Spyker Cars NV on the sale of its subsidiary Saab Automobile AB. The news release is attached as Exhibit 99.
|ITEM 9.01||Financial Statements and Exhibits|
|99||News Release Dated January 26, 2010|
Pursuant to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
GENERAL MOTORS COMPANY
|Date: February 3, 2010||By:||/S/ NICK S. CYPRUS|
Nick S. Cyprus
Vice President, Controller and Chief Accounting Officer
For Release: 11:30 a.m. EST
January 26, 2010
GM Reaches Agreement to Sell Saab to Spyker
DETROIT General Motors and Spyker Cars NV today confirmed that they have reached a binding agreement on the purchase of Saab Automobile AB.
Todays announcement is great news for Saab employees, dealers and suppliers, great news for millions of Saab customers and fans worldwide, and great news for GM, said John Smith, GM vice president for corporate planning and alliances.
General Motors, Spyker Cars, and the Swedish government worked very hard and creatively for a deal that would secure a sustainable future for this unique and iconic brand, and were all happy for the positive outcome, Smith said.
As part of the agreement, Spyker will form a new company, Saab Spyker Automobiles, which will carry the Saab brand forward. The sale will be subject to customary closing conditions, including receipt of applicable regulatory, governmental and court approvals. Other terms and conditions specific to the sale will be disclosed in due time.
The Swedish government is at present reviewing the transaction and the related request for guarantees of a Saab Automobile loan that has been requested from the European Investment Bank (EIB). Assuming quick action, the transaction is expected to close in mid-February, and previously announced wind down activities at Saab will be immediately suspended, pending the close of the transaction.
Throughout the negotiations, GM has always had the hope to find a solution for Saab that would avoid a wind down of the brand, added Nick Reilly, president, GM Europe. Weve worked with many parties over the past year, including governments and investors, and Im very pleased that we could come to such a good conclusion, one that preserves jobs in Sweden and elsewhere. GM will continue to support Saab and Spyker on their way forward.
About General Motors: General Motors, one of the worlds largest automakers, traces its roots back to 1908. With its global headquarters in Detroit, GM employs 204,000 people in every major region of the world and does business in some 140 countries. GM and its strategic partners produce cars and trucks in 34 countries, and sell and service these vehicles through the following brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, Opel, Vauxhall and Wuling. GMs largest national market is the United States, followed by China, Brazil, Germany, the United Kingdom, Canada, and Italy. GMs OnStar subsidiary is the industry leader in vehicle safety, security and information services. General Motors acquired operations from General Motors Corporation on July 10, 2009, and references to prior periods in this and other press materials refer to operations of the old General Motors Corporation. More information on the new General Motors can be found at www.gm.com.
Saab background: Saab entered the auto business in 1949 with the first model 92. Its aerodynamic shape and advanced technology drew from the companys roots as an aircraft maker, and helped create what was to become a loyal and passionate customer base. GM acquired a 50 percent stake in Saab in 1990, and acquired the balance of Saab in 2000. As part of its strategy to focus on its four strongest brands in the U.S., GM began seeking a buyer for Saab in January 2009, a concerted effort that led to todays announcement.
Saab Automobile Press Office
+ 46 520 279 797
+46 703 205 490