Spyker Saves Saab


Tuesday, January 26, 2010 – We just heard via Twitter (@TendanceAuto) that the Dutch super car manufacturer has (finally) made a deal with GM to purchase Saab. 

The news has been confirmed by Bloomberg.  Details to follow.

Press conference is scheduled this afternoon.  More information from Bloomberg here

From Autocar.co.uk:

Spyker is set to be announced as the buyer of Saab at a press conference this evening.

A conference has been scheduled for 19.15 CET this evening – 18:15 UK time.

The deal is reported to have been signed with GM today, with news agency Bloomberg saying it has an emailed statement from Spyker confirming the sale.

Reports suggest Spyker will give GM $75 million (£47m) for Saab, while GM will keep another $100m (£62m) in current Saab liquidity, and $325m (£210m) in preferred shares from the new,
Spyker-owned Saab company.

Earlier this afternoon Dutch financial authorities announced that trading in Spyker shares was suspended, prompting speculation that a deal to purchase Saab is about to be announced.

From GM Media site:

GM Reaches Agreement to Sell Saab to Spyker

DETROIT – General Motors and Spyker Cars NV today confirmed that they have reached a binding agreement on the purchase of Saab Automobile AB.

“Today’s announcement is great news for Saab employees, dealers and suppliers, great news for millions of Saab customers and fans worldwide, and great news for GM,” said John Smith, GM vice president for corporate planning and alliances. “General Motors, Spyker Cars, and the Swedish government worked very hard and creatively for a deal that would secure a sustainable future for this unique and iconic brand, and we’re all happy for the positive outcome,” Smith said.

As part of the agreement, Spyker intends to form a new company, Saab Spyker Automobiles, which will carry the Saab brand forward.  The sale will be subject to customary closing conditions, including receipt of applicable regulatory, governmental and court approvals.  Other terms and conditions specific to the sale will be disclosed in due time.

The Swedish government is at present reviewing the transaction and the related request for guarantees of a Saab Automobile loan that has been requested from the European Investment Bank.  Assuming quick action, the transaction is expected to close in mid-February, and

previously announced wind down activities at Saab will be immediately suspended, pending the close of the transaction.

“Throughout the negotiations, GM has always had the hope to find a solution for Saab that would avoid a wind down of the brand,” added Nick Reilly, president, GM Europe. “We’ve worked with many parties over the past year, including governments and investors, and I’m very

pleased that we could come to such a good conclusion, one that preserves jobs in Sweden and elsewhere. GM will continue to support Saab and Spyker on their way forward.”