Showing posts with label SAAB. Show all posts
Showing posts with label SAAB. Show all posts
Spyker Pays $74 Million for Saab
|Wednesday, January 27, 2010
SAAB plant in Trollhattan, Sweden- Other new products in the pipeline are the 9-4X, which will be built by GM
- GM will also continue to produce powertrain components for other new Saab models
- Previous Chinese deal involves old technology/designs
After the news broke, Muller later said in a telephone interview with a Dutch late night show that he was exhausted after five days negotiations and little sleep.
In a press release, Spyker says that the deal will probably be official next month. By that day, $50 million will be payable, the other $24 million will be paid by Spyker on July 15.
Part of the agreement is that Saab remains an independent car manufacturer and that the dismantling of Saab, that GM initiated in December, will be stopped immediately.
Spyker gets all shares of Saab Automobile A.B., as well as ownership of the Trollhättan plant. GM will get preferred shares for an amount of $326 million and provide technology to the new company. Nick Reilly, President of GM Europe said that GM always hoped to find a positive solution for the Swedish division: “GM will support Saab and SPyker Cars on their road ahead.”
The European Investment Bank EIB will provide a loan that is guaranteed by the Swedish government, who also agreed to this Monday afternoon. The European Committee has to approve the guarantee, and is expected to do so shortly.
Spyker intends to rename Spyker Cars N.V. into Saab Spyker Automobiles N.V.
We will talk to Muller in a later stage and get more background on this spectacular deal, so stay tuned.
[Source : Auto Channel]
GM reached agreement to sell Saab to Spyker
|Tuesday, January 26, 2010
2010 SAAB 9-5DETROIT : January 26, 2010 – General Motors and Spyker Cars NV confirmed that they have reached a binding agreement on the purchase of Saab Automobile AB.
"The announcement was 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.”
[Source : GM]
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