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6 August -  Saab owner hits GM with $3bn lawsuit

Saab owner hits GM with $3bn lawsuit

The current owner of bankrupt carmaker Saab has sued former partner General Motors for $3bn (£1.9bn).

Spyker Cars accuses GM of forcing the Swedish car firm out of business by interfering with a potential sale.

Saab had been in takeover talks with China's Zhejiang Youngman Lotus Automobile and filed for bankruptcy in December when those talks failed.

GM, which owned part of Saab, did not want Chinese carmakers accessing Saab's technology licences.

"There was no situation that required GM's consent but nevertheless, they took a public stance," Spyker chief executive Victor Muller told the BBC.

"They abused their position to coerce us into bankruptcy," he added.

Spyker, the Dutch carmaker, filed its lawsuit in a US court in the state of Michigan on Monday.

"GM's actions had the direct and intended objective of driving Saab Automobile into bankruptcy, a result of GM's tortuously interfering with a transaction between Saab Automobile, Spyker and Chinese investor Youngman that would have permitted Saab Automobile to restructure and remain a solvent going concern," Spyker said in a statement.

GM has 20 days to respond.


News Source: www.bbc.co.uk

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