General Motors' sale of Saab to Dutch manufacturer Spyker Cars NV has saved the Swedish company, its employees and dealers.
After months of protracted and at times troublesome negotiations, the binding agreement was concluded on 26 January.
Although still subject to review from the Swedish Government and a financial involvement from the European Investment Bank, the agreement has resulted in GM immediately ending the winding-up operations which had already commenced.
Saab has been producing automobiles since 1949 and GM first acquired 50 per cent of the company in 1990 and purchased the remaining 50 per cent in 2000. The American company's much-publicized financial problems saw it begin seeking a buyer for Saab in January 2009.
Even Formula One boss Bernie Ecclestone was at one stage rumored to be a potential buyer.
GM also tired to sell its other European arms Vauxhall and Opel but has since decided to keep those companies.
While it's still too early to predict the exact impact on Australian operations, the new company, Saab Spyker Automobiles has overnight shifted from a specialist sports car maker to a global automotive conglomerate.
