AMSTERDAM (AP) -- Dutch company Spyker Cars NV said Tuesday it has completed its $74 million purchase of loss-making Swedish carmaker Saab Automobile AB from General Motors Inc.
Spyker company says the deal announced last month is now final and ownership of Saab has been transferred.
Spyker Chief Executive Victor Muller said Tuesday he was delighted and the deal would secure Saab's future.
"From today we will be concentrating all of our efforts into reviving Saab and transforming it into a sustainable and profitable company," he said in a statement.
Saab lost euro400 million ($545 million) on sales of euro1 billion in 2009. It sold around 40,000 cars, down from 94,000 a year earlier.
Under the deal GM retains preferred shares in Saab worth $326 million, and Spyker has received a euro400 million loan backed by the Swedish government.
Saab has around 3,400 Swedish employees.
"Now we aim to get back to the execution of our business plan, starting with the introduction of the new 9-5 later this year," said Jan Jonsson, the Swedish executive who will run Saab under Muller's supervision.
Tiny Spyker, based in Zeewolde, the Netherlands, is a maker of luxury cars that cost over $200,000 each. It sold only 23 cars in the first half of 2009, its most recent reporting period, and posted a net loss of euro8.7 million.