Zeewolde, The Netherlands – Saab has received approval of a loan of €400 million by the European Investment Bank (EIB), further paving the way for its sale by General Motors to sports car company Spyker.

“We are extremely pleased with the decision by the EIB, as this was a crucial component in enabling the acquisition of Saab to proceed,” said Victor Muller, CEO of Spyker. “Months of hard work have paid off. We cannot wait to close this transaction now as soon as practically possible. We extend our gratitude to the EIB officials who have worked relentlessly to make this happen.”

“This represents another milestone along the path towards the creation of an independent Saab,” said Jan Âke Jonsson, CEO of Saab. “This is very good news and everyone at Saab should feel very positive now.”

In a separate development, Spyker shareholders approved the intended transaction to acquire Saab by an overwhelming majority. The company said that it had postponed a decision to change its name to Saab Spyker Automobiles because it needed to reach an agreement with Saab AB over the name change, and expects the issue to be resolved at an annual general meeting in April.

Connect with Autos.ca