GM sell-off driving forward

Spyker Cars of the Netherlands yesterday closed the deal to buy Saab from General Motors for cash and shares worth $400m. Saab said it was no longer in liquidation and control had been returned to chief executive Jane Ake Jonsson. Saab had been in administration since February. Saab and Spyker will now operate as sister companies under the umbrella of Euronext-listed Spyker Cars NV. Meanwhile China's Tengzhong is considering using an offshore vehicle to buy General Motors' Hummer brand if it fails to win Chinese regulatory approval for the purchase.