General Motors (GM) on Tuesday agreed to sell its Swedish Saab unit to the small Dutch luxury automaker Spyker Cars. Under the deal, GM will receive $74 million in cash plus $326 million worth of preferred shares in Saab, GM vice president of global operations John Smith told reporters in Detroit, Michigan. GM also will receive “other consideration,” he said, without providing specifics. Saab is seeking to borrow $564 million from the European Investment Bank, a loan that Sweden's government said Tuesday it would guarantee.
