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Spyker To Sue GM Over Failed Saab Takeover

Spyker alleges that GM blocked the Dutch company's attempts to sell Saab to a Chinese buyer, driving the carmaker in to bankruptcy.

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 took 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 in to bankruptcy.

GM could not immediately be reached for comment. As part of the deal, GM retained say over GM technology used by Saab and $327 million in preferred shares.

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