LEGAL: Spyker Files Suit Against G.M.
Monday, August 6th, 2012
Dutch automotive manufacturer Spyker, the former owner of Saab Automobile, filed a lawsuit earlier today against General Motors in a $3 billion complaint alleging G.M. unlawfully took actions to avoid competition by blocking the sale of Saab to a Chinese company.
In a statement issued this morning by Spyker, the company said, "The lawsuit seeks redress for the unlawful actions G.M. took to avoid competition with Saab Automobile in the Chinese market. G.M.'s actions had the direct and intended objective of driving Saab Automobile into bankruptcy." The statement went on to allege that G.M. interfered with a transaction between Saab, Spyker and Chinese investor Youngman that would have permitted Saab to restructure and remain solvent.
While we never saw the sales agreement, G.M. has contended that when it sold Saab Automobile to Spyker there were provisions that prevented Spyker to sell Saab because of the proprietary G.M. technology on Saab cars.
In June of this year, Saab Automobile agreed to be acquired by an Asian consortium that plans to build primarily electric vehicles.
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