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Gm Sells Saab

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Spyker & GM Finalise Sale Of Saab

Posted on 25 February 2010 by Scott Hayes

Spyker Cars NV and General Motors yesterday confirmed they’ve finalised the deal for Spyker to purchase Saab Automobile AB. Saab CEO, Jan Åke Jonsson, and his management team have been reinstated after wind-down actions ended and the company exited liquidation.

Mr Jonsson confirmed that the terms of the deal remained as agreed upon in earlier discussions and said yesterday’s announcement was great news for Saab customers, dealers, suppliers and employees around the globe. “The level of passion and support shown to Saab over recent months has been remarkable and this does bode well for the future. Now we aim to get back to the execution of our business plan, starting with the introduction of the new 9-5 later this year, and with the continued support of our employees and business partners I am confident we will succeed,” he said.

Despite the earlier scepticism of GM CEO, Ed Whitacre, the brand’s vice president for corporate planning and alliances, John Smith, said GM was happy with the final sale. “This transaction represents the successful outcome of months of hard work and intense negotiations, all aimed at securing a sustainable future for this unique brand, and we are pleased with the positive outcome,” Mr Smith said.

Spyker Cars NV CEO, Victor Muller, said now that the business transaction was complete his company can focus its attention on the future of Saab. “From today we will be concentrating all of our efforts into reviving Saab and transforming it into a sustainable and profitable company with the confidence to be bold. We will reinforce the emotional experience between Saab drivers and their cars and we will focus on Saab’s historical strengths in the fields of independent thinking, aircraft heritage, ecological performance and motorsport,” Mr Muller said.

The launch of the new 9-5 will be followed by the 9-4X crossover next year and the all-new 9-3 in 2012. Mr Muller also admitted research and development of a small car based on the 1949 Saab 92 was “more than likely” in the future.

Adapted from CarAdvice

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Spyker Takes Ownership Of Saab

Posted on 26 January 2010 by Scott Hayes

We haven’t discussed the full process of the Saab deal and the sale to Spyker. The ‘yes, no, yes, no’-story over the past few weeks has been reminiscent of a soap opera, and yet didn’t hold any significant information worth sharing.

However, after a long process, and several weeks, GM has finally confirmed that Spyker has bought Saab. The official statement is:

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

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

Reports suggest that Spyker will give GM US$75 million for Saab, while GM will keep another $100 million in current Saab liquidity, and $325 million in preferred shares from the new, Spyker-owned Saab company.

As part of the deal, Spyker’s chairman, Russian banker Vladimir Antonov, has sold his shares to an equity firm owned by Spyker CEO Victor Muller. This means that Spyker is no longer directly owned by Russian investors and that a new company opens its doors. The new company will be called Saab Spyker Automobiles.

It is uncertain how it will influence the current Spyker line-up. Questions such as, when will the new Spyker D8 SSUV (Super Sport Utility Vehicle) make an appearance and is the production of the C8 Aileron affected, are currently unanswered.

We’ll keep an ear to the ground about the future of Spyker supercars and keep you posted.

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