Saab Spyker 9+ Tribute Concept Car

Automotive designer Eduard Gray has sent in some renderings of his ideas for the first car to come from the Saab purchase of Spyker.  Based near Saab headquarters in Trollhättan, Sweden, Gray believes the drawings could land him a job with the Saab Design Studio Team.

The union of Saab and Spyker presents a unique opportunity to create a design that takes the best of each brand and distills their qualities into a single product,” he said.  Gray, who is Dutch and English, points out that a truly unique car can be assembled with the low-slung mid-engine Spyker supercar chassis and the design language at Saab.

Indeed, his six drawings of the Saab Spyker 9+ Tribute shows elements of both companies.  Gray calls the work “a quick expression of my optimism for the future of the brand.”

Let us know what you think of his renderings in the comments below.

As you may or may not know, Spyker, a Dutch car company, recently purchased Saab from GM.  The auto brand has been in trouble for awhile now, but with the recent purchase and plans by Spyker, it’s looking like Saab has some great new models coming up.

The 9-5 Sedan, which was developed by GM originally, is still part of the plan.  The 9-5 went on display last year at the Frankfurt Auto Show.   This would have been a great Chicago 2010 Saab model, but it will go on sale this summer as a 2011 model.  The 9-5 will be available as a sedan, wagon, and “X” body style.

Another model (this might be my favorite) for Saab that will come to dealerships in 2011 is the 9-4X Crossover.  It will actually be manufactured by General Motors at their plants in Mexico.  GM will be able to pull profit from it’s sales, but can also charge a markup that can go to Saab Spyker Automobiles.

The 9-3 line will also be a great option for the Saab lover.  Spyker really wants to make this lineup great.  They are planning for all newly designed 9-3’s to be available as a 2012 model.  You’ll be able to choose from a sedan, wagon, “X,” convertible, and a hatchback, which perhaps one of the most coveted style by a loyal Saab enthusiast!  The Chicago 2010 Saab 9-3X starts out around $37K.

The 9-1 small car concept is more of a vision at this time.  Smaller cars that are more economical and give off less emissions are a wave of the car industry’s future.  To make a 9-1 model go from thought to process will require some more funding for Spyker.

Lastly, the Saab Aero X, which went on display several years ago as a conept, is probably not going to happen for awhile.  It looks amazing, with it’s futuristic, sporty looking design.   If you are craving a Saab now, consider a Chicago Saab used cars instead.

Spyker is going to work extremely hard to make sure Saab is reestablished as a leading car brand.  Right now, you can visit your local dealer for more information on new and Chicago Saab used cars.

Source: Chicago Saab News, Video and Reviews

Saab 9-5 SportCombi spy photos 04.03.2010 / Copyright: SB-Medien

The Swedish patient returns from a near death experience

Our spies have caught new pictures of the Saab 9-5 SportCombi, undergoing winter testing in northern Europe.

While still heavily camouflaged, the wagon will remain faithful to the design philosophy of the 9-5 sedan. It will feature sleek styling, a bold grille, LED taillights, and a luxurious interior. If you’re still having a hard time trying to imagine what the SportCombi will look like, take a look at some of our previous renderings.

Engine options will likely follow the sedan which already include a turbocharged 2.0-liter petrol with 162kW (220 PS / 217 hp), a 118kW (160 PS / 158 hp) 2.0-liter turbodiesel, a turbocharged 2.8-liter V6 producing 221kW (300 PS / 296 hp) , and possibly a 3.6-liter V6 later.

Expect to see more of the 9-5 SportCombi, as development has been prioritized, now that Saab has been successfully transferred to Spyker.

There have been a lot of changes in the car industry, especially within General Motors.  They have gotten rid of four brands after getting out of debt this past July.  Saab, which has not been a good money maker for GM, was recently purchased by Spyker.  Great news for Chicago Saab used cars, those who sell them to loyal customers will still be able to do so!

Saab has been a car brand for the past 72 years.  Spyker bought the company for $400 million in cash and preferred shares.  Imagine that kind of money to buy a company!  To really get Saab back on track as a money maker, several things need to take place.  Spyker says that 100-125 thousand Saab autos will need to be sold annually.  A great time to push those Chicago Saab used cars off of lots and into the hands of an excited buyer!

Also, $1 billion dollars of “peak funding” needs to come in.   Where will this come from?   In a statement from a Spyker rep, it will come from the following source: “The $1 billion Saab needs will mainly come from $326 million in the creation of preferred shares from GM receivables on Saab and a planned 400 million-euro ($558 million) loan from the European Investment Bank as outlined in the sale agreement, Spyker said. Another $200 million will come from available cash.”  This is definitely a lot of cash being pumped into the Saab network.

Spyker further says they may make a 9-1 model.  It would be a small Saab model, but there are a few advantages of this.  They cost less to manufacture and can be mass produced a bit easier.   In Europe, governments are cracking down on carbon dioxide emissions, so smaller cars will have to enter the lineups of car companies.  Saab could pioneer the way in that area!

I am excited about the possibility of Saab autos.  They are a classic brand of cars with a lot of offer the right driver.  Head to your dealer today to see new and used models, meet the friendly service staff, and get your Saab oil change Chicago!

Source: Chicago Saab News, Video and Reviews

The journey has been long for Saab and it’s loyal fans.  Spyker Cars NV has purchased Saab from General Motors in a deal that should be finalized sometime this month.

The deal has been worked out between General Motors, Spyker, and the Swedish Government.  GM and Spyker are going to form a company called Saab Spyker Automobiles. The Swedish government is coming into play by “reviewing the transaction and the related request for guarantees of a Saab Automobile loan that has been requested from the European Investment Bank”.  Let’s hope this plan works out well for everyone involved.  If it does, it will not only wow Saab enthusiasts, but save jobs of those who sell, make, and service the used 9-3 Aero Chicago!

Currently, your local Saab dealership has services to offer.  The Chicago Saab Service department is trained and ready to service your precious Saab auto.  They periodically offer service specials, so check the website very often!  Another convenient offering is the Red Star Valet Service.  A loaner is delivered to your home or work while your car is serviced.  What a way to save time and lessen the stress sometimes associated with getting your car fixed!

Auto wise, many new and Chicago Saab used cars are waiting for purchase.  For example, the 2009 Saab 9-3 2.0T is a nice looking sedan with numerous features.  This trim option comes with a 2.0 L, 4 cylinder engine that gives 210 HP.   The option of a 6 speed manual or a 5 speed automatic transmission is the driver’s choice! 

The 9-3 2.0T’s interior was redesigned back in 2007.  You’ll find comfortable leather seats, and a leather trimmed sport steering wheel.  A feature that I personally find very useful are the cup holders found in various places around the car, including the dashboard, front console, and rear seats. 

Like many other Chicago Saab used cars, the new 9-3’s have a good audio system.  It is MP3 compatible and has Bluetooth Phone integration ability.  These are amenities that make traveling in your sedan a pleasure.  Coming standard, you’ll also find seven speakers, audio controls on the steering wheel, and much more.

With the current acquisition of Saab by Spyker, it seems the car brand is on track to a bright future.  Head to your dealer today for Chicago Saab Service and many new and used models.  I guarantee you’re going to like what you see!

Source: Chicago Saab News, Video and Reviews

2010 Saab 9-5

Spyker Cars of the Netherlands has finalised its purchase of the SAAB Automobile company from previous owner General Motors. The deal is worth US$74 million (€54.7 million). GM will retain preferred shares in SAAB worth US$326 million.

“From today we will be concentrating all of our efforts into reviving Saab and transforming it into a sustainable and profitable company,” said Spyker CE Victor Muller.

Muller will not be directly at the helm of his new subsidiary though, that job is for Jan Jonsson who is tasked with turning the Swedish company’s €400 million loss from 2009 into a profit. Incidentally Spyker itself made a loss to the tune of €8.7 million in the first half of 2009.

“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,” Jonsson said.

Source: freep.com

2008 Saab 9-4X BioPower Concept

$25 million loan will allow Spyker to make scheduled payments to GM for the purchase of Saab

Dutch automaker Spyker has secured further financing to help solidify its deal with GM for the purchase of the Saab brand.

Spyker has received a convertible loan of $25 million (US) from an investment group which is part of the Heerema Holding Company, Inc. The term of the loan is for 2 years, with a Eurobor interest rate of 10 percent. The loan is also convertible into stock priced at 4 euros per share. The loan is contingent upon Spyker receiving a €400 million loan from the European Investment Bank to finance its purchase and takeover of Saab.

A $25 million payment has already been made to GM as of January 26, 2010. By July 15, Saab will have to make a final $24 million payment to GM against the $74 million purchase price.

The Saab deal has been guaranteed by the Swedish government, in a move approved by the European Commission’s Directorate General for Competition.

Spyker CEO Victor Muller said in a press release, “We are delighted that Heerema has decided to become an investor in our company.”

Pieter Heerema, of Heerema Holding Company, Inc., believes that the investment will pay off and that Spyker can turn the Saab brand into a success.

“We are confident that when the company’s management gets the opportunity to implement the business plan we will see a good financial return on our investment as well,” Heerema is quoted as saying in the Sypker press release.

Source: Spyker

Press Release (Click to expand)

SPYKER SECURES FURTHER FINANCING OF SAAB DEAL

ZEEWOLDE, The Netherlands (8 February, 2010) – Spyker Cars N.V. announces today that Spyker has entered into a USD 25 million convertible loan agreement with an investment company owned by Heerema Holding Company Inc.

The USD 25 million loan has a 2 year term, an interest of Euribor + 10% and is convertible into shares at EUR 4 each. This loan secures the funding necessary to close the Saab transaction as the first USD 25 million has already been paid to GM on January 26, 2010. The convertible loan is conditional on SAAB receiving the EIB loan. On July 15 of this year a final payment of USD 24 million is due to GM. Spyker is confident that it will secure the funding for this second installment.

The European Commission approved the Swedish state guarantee for Saab. With respect to the approval of the Swedish state guarantee, competition commissioner Neelie Kroes said: “The state guarantee will contribute to the implementation of Saab’s business plan without giving rise to any undue distortions of competition”.

Victor Muller, Spyker’s CEO said: “We are delighted that Heerema has decided to become an investor in our company. I had the privilege to work for Pieter Heerema from 1984 through 1991, initially as his counsel, later as Director of Corporate Affairs, and we have come to know each other very well as a result. It is the intention to nominate a representative of Heerema as a member of the Supervisory Board”.

“The positive decision of the European Commission to approve the Swedish state guarantee is another major step towards closing of the Saab acquisition. We are grateful to the Commission of their willingness to work so hard on this decision within the limited time available.”

Pieter Heerema added: “Although providing convertible loans such as this one is not in the ordinary course of our business, the positive developments of the past few months involving the SAAB brand and its sympathetic connotation, together with the worldwide support of loyal customers, dealers, employees, suppliers and other stakeholders represents a unique value. This value represents much more than money alone. We are confident that when the company’s management gets the opportunity to implement the business plan we will see a good financial return on our investment as well”.

The Chicago Saab service center at your local dealership is a great place to take your Saab in.  The staff is friendly and adequately trained to specialize their work on new and Chicago Saab used cars.  I recently took my 9-3 in and I was extremely happy with the professional environment.

It is recommended that an auto owner change their oil once every 3,000 miles.  If you do a lot of short trip driving, but do not go longer highway distances, you might need to do it more often.  All Saabs sold in the US require oil that meets the GM6094M standard or the GM 4718M.  The staff at Chicago Saab service know this and will make sure this is met!

Source: Chicago Saab News, Video and Reviews

In the Netherlands on January 17th, more than 500 Saab lovers came together to rally in support of their beloved brand.  The general consensus from these individuals is that Saab should become it’s own separate brand again.  They feel that when GM took over in 2000, they tried to mass produce Saab autos, which took away their distinctiveness.  It’s hard to say who is right, but Saab does have great cars.

Right now, many Saab dealers that are open, have a very limited new inventory to sell.  In this area, many dealerships are primarily Saab service Chicago centers or used for Saab parts Chicago.  They may also have some used inventory that is worth checking out.

The 2009 Saab 9-3 is a car that would be a shame to no longer produce.  It is a nice entry-level luxury car- a great option if you are looking for something different.   The 9-3 line comes in a sedan, wagon, or convertible.

The 9-3 has many safety features. Antilock disc brakes, stability control, OnStar telematics, active head restraints and front-seat side airbags are some of these.  In fact, the Insurance Institute for Highway Safety gave the 9-3 some accolades for safety.  They awarded this model with a “Top Safety Pick” award after it scored the institutes top rating for the following effectiveness tests:

frontal-offset crash

side impact crash

head-restraint

A luxury car that has received top notches in safety is hopefully an auto that will keep you from having to visit Saab service Chicago stations on a regular basis!

The 9-3 also drives well on smooth and quieter surfaces.  The Aero XWD has the most powerful V6 engine.  The powertrain on the Aero model is a turbocharged 2.8-liter V6  with 280 hp and 295 lb-ft of torque.

Saab, I believe, along with it’s loyal followers over in the Netherlands, is a great car company that delivers luxury cars for many tastes.  Let’s hope Saab finds a buyer soon!

Source: Chicago Saab News, Video and Reviews

Saab 9-X concept, Frankfurt IAA debut 2001

Possible 9-1 model on the table

Spyker has released new details about their purchase of Saab, ahead of the company’s general meeting of shareholders on February 12th.

In a lengthy press release (see below), Spyker spelled out their rationale for purchasing Saab by saying, “Spyker believes that through the purchase of Saab it has a rare opportunity to acquire and rebuild a global car brand which will be repositioned towards an independent performance-oriented niche car company with an industry-leading environmental strategy.” The company also added Spyker will benefit from Saab’s dealership network and technological knowhow.

Spyker stated they fully support Saab’s business plan to become “a stand-alone niche manufacturer with three to four model lines: 9-3 (sedan, hatchback, sports estate, X and convertible) and 9-5 (sedan, sports estate and X) and the 9-4X for both the US and European markets.” Furthermore, the company will investigate the potential of adding a fourth smaller car line (9-1), but no decision has been made as of yet.

To become profitable, Saab will launch the 9-5 this summer, the 9-4X in early 2011, and the redesigned 9-3 in 2012. They will be marketed as rivals to Audi and BMW, with the support of a “re-energized” sales and distribution approach.

To carry out the business plan successfully, Spyker estimates Saab will need approximately $1 billion dollars in funding. GM will provide $326 million through Redeemable Preference Shares (detailed information about the RPS can be seen in the press release) while the rest – aside from cash on hand – will be provided by a 400 million euro loan from the European Investment Bank. After this funding is secured, Spkyer does not foresee “any future funding being required, neither from Spyker or elsewhere, for Saab to return to profitability.”

Besides the nitty-gritty details, Spyker also announced plans to rename the company Saab Spyker Automobiles NV, build 100,000 to 125,000 Saabs annually, and reduce Saab’s dependency on GM.

Check out the press release for additional information. Photos shown of Saab 9-X concept 2001.

Source: Spyker

Press Release (Click to expand)

SPYKER PROVIDES FURTHER DETAILS ON SAAB ACQUISITION

ZEEWOLDE, The Netherlands (1 February, 2010) – In advance of the General Meeting of Spyker shareholders, to be held on 12 February 2010, and which was convened on 28 January 2010, Spyker Cars N.V. (”Spyker”) provides further strategic and financial details regarding its acquisition of Saab Automobile AB (”Saab”).

ACQUISITION RATIONALE AND SAAB BUSINESS PLAN

Spyker believes that through the purchase of Saab it has a rare opportunity to acquire and rebuild a global car brand which will be repositioned towards an independent performance-oriented niche car company with an industry-leading environmental strategy. Saab’s brand DNA is unique and rooted in its aeronautical heritage, innovative and independent thinking and its Swedish origins. Spyker fully supports Saab’s Business Plan which will be implemented by Saab management. The Business Plan, drawn up by Saab management over the past ten months, was analysed by Spyker in assistance with Booz & Co and KPMG Transaction Services, advisors to Spyker. The Business Plan has also been analysed and supported by several advisors to the Swedish Government and the EIB.

At the General Meeting, Spyker Cars N.V. intends to adopt a resolution to change its name to Saab Spyker Automobiles NV (”Saab Spyker”). This entity will operate Spyker and Saab as two separate operating companies, each focused on its distinct target markets with their respective vehicle lines. As previously stated, Saab Spyker is committed to execute the Saab Business Plan. It is the intention to enhance it in several areas. The highlights of Saab’s strategy will be:

Saab will be a stand-alone niche manufacturer with three to four model lines: 9-3 (sedan, hatchback, sports estate, X and convertible) and 9-5 (sedan, sports estate and X) and the 9-4X for both the US and European markets. In addition, Saab will investigate the potential of adding a fourth smaller car line (”9-1″) in due course provided that the positive development of the smaller car segment continues. However, this model is currently not envisaged in the Business Plan so if the outcome of the investigation is positive, additional financing to develop this model could be required.

Saab’s product portfolio will be renewed completely, beginning with the launch of the new 9-5 early this summer, the new 9-4X in early 2011 and the new ‘all Saab’ 9-3 in 2012.

Saab will continue to be repositioned against other brands such as Audi (A4/A6) and BMW (3/5 series) as a premium brand, leveraging its strong and unique brand heritage.

Saab’s Technical Development Center in Trollhättan has full capability in developing complete vehicles and will continue to do so. In areas such as safety, environment, driving characteristics, practicality, turbo technologies and several other innovations, the Saab brand is among the best in the industry.

With Trollhättan as one of the most efficient mid-size car plants in Europe, production and sales volumes are aimed to be rebuilt to recent pre-crisis levels of about 100,000 to 125,000 vehicles including the 9-4X built in Mexico.

The current dealer network will be re-energized with a new sales and distribution approach in certain markets, which will be implemented during 2010.

The economies of scale of the on-going collaboration with GM after Closing the acquisition (February 2010) will continue to be leveraged in sourcing via ancillary agreements, with independent sourcing gradually increasing to reduce GM dependency and obtain improved access to other suppliers and the co-development of unique innovations.

Saab Spyker believes that its two brands, both deeply rooted in aeronautical and automotive history, will benefit from sharing certain assets and technology services. Examples include but are not limited to:

Saab’s extensive global network of 1,100 dealers.

The extensive engineering know how and innovative technologies available at Saab.

Sharing of activities in marketing & sales: i.e. merchandising, promotion & sponsorship activities, etc.

In the future, the two brands will be able to share certain parts and components and expect to obtain access to supplier and partner resources not available to Spyker or Saab individually today.

FUNDING OF SAAB

The Saab Business Plan requires approximately $1 billion in peak funding for Saab in advance of the return to profitability, forecast to occur by 2012. The funding is provided in part by GM, through $326 million Redeemable Preference Shares (”RPSs”), and in part through other contributions, which concern various substantial contributions to the funding of Saab’s Business Plan on favorable terms for supplies by GM to Saab and deferred payments from Saab to GM. The remaining amount, apart from cash at bank, is to be provided by a EUR 400 million loan from the European Investment Bank for certain R&D projects at Saab. Securing this EIB loan is a condition precedent to closing of the Saab acquisition (”Closing”).

With this financing in place, the business plan does not envisage any future funding being required, neither from Spyker or elsewhere, for Saab to return to profitability. The business plan targets car production and sales at or below historical levels of 100,000 to 125,000.

Explanation on the two sources of funding:

Redeemable Preference shares
At Closing, GM will convert USD 326 million of pre-closing receivables on Saab into RPSs in Saab. The issue of the RPSs will therefore NOT cause any dilution for the shareholders in Spyker. The voting rights attaching to these RPSs constitute 0.0005% of the total voting rights in Saab. The other 99.99% of the voting rights (100% of the ordinary shares) will be held by Spyker. Since the RPSs are capital and not a loan, no interest is due at any time by Saab. The RPSs carry no dividend from Closing until December 31, 2011. A dividend entitlement of 6% starts from January 1, 2012 through June 30, 2014 and increases over time to 12% as from July 1, 2014 until the scheduled redemption date of December 31, 2016. The dividend over 2012 will be added to principal, but as from fiscal year 2013 the dividend is payable in cash. Should Saab have insufficient distributable reserves to pay the cash dividend it will be added to principal increased with a penalty factor of up to 4%, but such that the total dividend entitlement will never exceed 12%.

In the period 2010-2016, the average dividend payable is about 4%, which is considerably below the average interest on a comparable subordinated loan.

The RPSs qualify as equity and therefore, if Saab cannot pay dividends or redeem the RPSs, Saab will not be in default but the RPSs will simply continue to accrue. Also, the RPSs cannot be redeemed as long as the EIB loan is not yet fully repaid. The Saab Business Plan envisages redemption of the RPSs starting in 2016 out of retained profit, without additional funding (from Spyker or anyone else) being required.

EIB loan
The Share Purchase Agreement is subject to the execution of a EUR 400 million loan agreement between Saab and the European Investment Bank (”EIB”), for which a guarantee was obtained from the Swedish Government on January 26, 2010. This loan will be issued to Saab. All amounts payable by the EIB are specifically earmarked to the Euro for designated Saab projects and capital expenditures and represent 50% of these projects or capital expenditures. The projects mainly relate to increasing fuel efficiency and clean car technology. The remaining 50% is funded by Saab itself pursuant to its Business Plan. Spyker will not have any access to the EIB funds which are completely ring-fenced nor will it pay any part of the Purchase Price with proceeds from the EIB loan. The guarantee is subject to approval by the European Commission. Saab and the Swedish Government have provided all required information to the EC prior to the issue of the guarantee so the decision by the EC is expected very soon.

FUNDING OF SPYKER

Spyker’s existing bank loans in the aggregate amount of EUR 57 million are refinanced by Tenaci Capital B.V. (”Tenaci”). The terms and conditions of this loan will mirror those of the existing loans it repays, including the right to convert EUR 9.5 million into ordinary shares at EUR 4.00 per share. The term of the loan is 12 months and the interest 10 percent above Euribor. After payment of the last instalment of the Purchase Price, Tenaci has the right to collateralize the loan on terms and conditions identical to those on which the existing loans were collateralized.

The Purchase Price of Saab amounts to USD 74 million (EUR 53.23 million at the current exchange rate of 1:1.39). The first instalment of USD 50 million, to be paid on Closing, will be paid as follows: USD 25 million is borrowed from Tenaci at the same interest rate as the other funding extended by Tenaci, without the right to convert into shares. This amount is currently already in escrow with General Motors.

The other USD 25 million is financed through a share issue, largely through a commitment from GEM Global Yield Fund Ltd under an equity facility concluded between Spyker and GEM. Spyker currently does not intend to draw in excess of USD 25 million under this facility.

The second instalment, USD 24 million, will be payable on July 15, 2010. Spyker has been approached by various investors to fund this instalment. Spyker intends to finance this amount primarily through senior debt (senior to the debt owed to Tenaci), but does not rule out other alternatives. Spyker has committed to pledge its assets to GM as security for this final tranche.

FUNDING OF TENACI

Tenaci’s equity is wholly owned by Investeringsmaatschappij Helvetia B.V., the personal holding company of Mr. Victor Muller. Tenaci obtains its debt funding from sources that wish to remain anonymous and with which Tenaci has entered into non-disclosure agreements. The terms and conditions of Tenaci’s own financing do not impact Spyker or Saab in any way.

Tenaci has successfully bought Mr. V. Antonov’s current shareholding in Spyker consisting of 4.6 million ordinary shares, subject to closing of the Saab acquisition. Currently Tenaci has no plans to make a public offer on all of the issued shares in Spyker.

Victor Muller, CEO, Spyker Cars NV

A securities and shareholders watchdog group is crying foul over the Spyker purchase of Saab.  Dutch association VEB is insisting that Spyker CEO Victor Muller clear up questions about the mysterious financing that surfaced at the last minute of his negotiations with General Motors.

Saab-parent GM had insisted that Spyker chairman, and Russian banker, Vladimir Antonov divest his stake in the Dutch automaker as a condition to the Saab transfer.  Antonov’s stake of 4.6 million shares was bought by Tenaci Capital, owned by Muller.  Tenaci contributed €50m in cash to GM as part of the sale, while providing €82m in loans to Spyker, according to a press release from the automaker.

However, an investigation by Dutch newspaper De Telegraaf found that Tenaci was only recently set up, having been registered within the last week.  The company’s location is listed as Muller’s home address.

Spyker’s boss refuses to identify who is behind Tenaci, and where the €132m comes from, saying that the backers wish to remain anonymous.  If either Antonov, or his father Alexander, are backers of Tenaci, the entire deal could be jeopardized.

VEB has sent a list, titled “seven pressing questions to Victor,” to the CEO, simultaneously posting it on their website.  Amongst the questions, VEB wants to know if either Antonov has any continuing involvement with Spyker, and the terms of the Tenaci loan.

Further, if Muller at any time controlled more than 30% of Spyker’s publicly traded shares, he is required by law to offer a reasonable bid for the company’s outstanding shares, according to VEB.  Spyker shares are traded on the Amsterdam Stock Exchange.

Last on the VEB’s list of questions: Why would a company currently unable to turn a profit (Spyker) want to purchase a company that has not been profitable in decades (Saab)?

A shareholders meeting will likely take place on February 12.

Source: dutchnews.nl

Saab 9-4X

Spyker will give $74 million in cash to General Motors by mid-July in exchange for ownership of Saab.  GM will continue to hold $326 million in preferred shares of the Swedish automaker.

GM will also get unspecified “additional consideration” as well, according to GM vice-president John Smith.  This is speculated to include $100 million in liquid cash already held by Saab.

The negotiation was completed on the condition that Spyker chairman Vladimir Antonov resign his position and sell off his interest in the Dutch automaker.  Antonov, the 35-year-old chair of Russian firm Convers Group, will be bought out by Tenaci Capital, an investment company owned by Spyker CEO Victor Muller.

Part of the deal hinged on Spyker getting support from the Swedish government for a loan from the European Investment Bank.  Once the deal between Spyker and GM was completed, the government announced that they would guarantee a €400 million loan from the EIB.

There were so many things at work here,” Muller said in an interview with Automotive News. “It was such a complex deal; trying to take a company that was part of General Motors for 20 years and carving that out as a different business.”

In 20 years of ownership by General Motors, Saab never once turned a profit.

Saab will continue final development of the new 9-5, with full production of the executive car scheduled to begin in April.  As part of the deal, GM will provide the Saab 9-4x crossover, built on the same platform as the Cadillac SRX.  GM will also continue to supply Saab with powertrain components into the future, and will coordinate engineering work with Spyker to guarantee a smooth transition.

Spyker and GM jointly announced that Saab vehicles will continue to be covered by their warranties.

Spyker produced less than 50 cars last year, while Saab produced over 93,000.  Despite the difference in scale, Muller said, “Our brand values are closely related to that of Saab.”

“Both Saab and Spyker are highly individualistic, both have aircraft heritage, and both follow independent Scandinavian and Dutch thinking.”

Source: autonews.com (sub req)

2010 Saab 9-5

Bernie Ecclestone and Genii Capital have pulled out of the running to buy the beleaguered Swedish carmaker Saab.

“Genii Capital believes that the timing of the next stage of the shutdown process at Saab is not compatible with its requirements for putting in place a solid business platform for the future and closing the transaction,” the Luxembourg based company said in a statement.

It emerged earlier this month that the familiar F1 names were facing off with Spyker, the Dutch specialist sports car maker that competed in F1 in 2007, to buy the currently General Motors-owned Saab.

Genii, headed by Gerard Lopez, recently bought a controlling stake in Renault’s formula one team. Ecclestone, the F1 chief executive, was a part of Genii’s Saab-bidding consortium.

Source: GMM

2010 Saab 9-5

Trading in shares of Spyker Cars on the Amsterdam Stock Exchange were suspended today in advance of an announcement regarding the company’s attempted purchase of Saab.  The price was frozen at €3.91, nearly an 82% increase since trading ended last Friday.

Spyker, backed by Russian bank Convers Group, has been negotiating a deal with General Motors to purchase Saab.  The most recent offer is believed to be valued at $550 million in cash and stock.  Recent rumors suggest that a Spyker vehicle has also been delivered to the Saab museum in Sweden.

A source close to the deal told the Associated Press that the sale has almost been completed.  Spyker has said that trading will be suspended until a statement is released to the media.  Should the announcement confirm the sale, expect the Dutch automaker’s stock to spike higher, despite Saab’s consistent losses.

If the Saab deal collapses, share value could drop back to €1.71.  That’s where Spyker shares were trading just after talks between Spyker and GM broke off in mid-December.

Source: detnews.com

2008 Saab 9-4X BioPower Concept

Press Release

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.”

Source: GM

2010 Saab 9-5 World Debut at 2009 Frankfurt Auto Show

A wide variety of press reports is suggesting that a deal between General Motors and Spyker over the sale of Saab could be nearing completion.  If true, the transaction would save the 63-year-old brand from liquidation, while securing some, if not all, of the company’s 3,400 employees.

One report in the Financial Times says that the agreement could be announced as soon as today, though other news outlets believe the sale is far from finalized.  One Swedish newspaper has published that Spyker CEO Victor Muller has been in Saab’s home of Sweden since Friday.  If approved by both sides, Bloomberg News believes that Spyker will acquire Saab for $500 million in cash and preferred stock in Saab.

Bloomberg believes the $500 million is made up of $75 million in cash from Spyker, $100 million in cash from Saab’s coffers, and $325 million in stock.

Meanwhile, an e-mail to SaabsUnited gives one symbolic indication that an agreement has been reached.  “A Spyker car has been delivered to the SAAB museum in Trollhattan!” wrote one fan in a note to the website.

Should talks between Dutch brand Spyker and Saab-parent GM falter, at least one other company is still waiting in the wings.  Luxembourg-based investment firm Genii Capital made an all-cash offer to GM earlier in the year.  Still, even Genii spokesman Lars Carlstrom believes the Dutch company will come away with Saab.

“We believe that Spyker is well-positioned in this deal, and I would expect an outcome early next week,” Carlstrom said.

As of 9:00a.m. GMT, shares in Spyker Cars were up nearly 30% on the Amsterdam Stock Exchange.

Source: autonews.com (sub req)