Spyker
Saab to build modern version of the classic 92 model
Spyker, the current owner of Saab has revealed that it plans to produce a new Saab model that will be inspired by the classic 92 of the 1950s (pictured above). Spyker is currently in talks with several ‘unnamed’ automakers for technology sharing for this new small-sized vehicle. The company is also looking for a platform that will underpin this small car.
Saab which will start selling the new 9-5 model at the end of this month aims to sell between 50,000 and 55,000 cars this year where about 17,000 would be the new 9-5. For 2011 the company targets to roll out 100,000 cars, including 40,000 9-5s and 10,000 9-4X models.
This 9-4X is a mid-sized crossover that will be manufactured beginning from April next year. Saab is also close to signing a dealership agreement with a Chinese company and rumor has it that its BAIC (Beijing Automotive Industry Holding Company).
Spyker also said that it is moving its stock listing to Stockholm from Amsterdam since ’99.5%’ of its business is Swedish. Spyker purchased Saab from General Motors back in February. If it weren’t for Spyker, Saab would have been history.
Spyker shareholders give “green light” to Saab deal
Shareholders of Spyker have given the green light to the US$74 million purchase of Saab from General Motors where US$50 have already been secured while the balance should be ready by July. According to the source the combined company (Spyker and Saab) will seek listings on the London Stock Exchange and the Stockholm Stock Exchange and delist from the Euronext Amsterdam exchange.
The new company will also have US$326 million in redeemable preference shares issued to General Motors, US$200 million in cash and a US$547 million loan from the European Investment Bank (EIB).
Spyker finally completes Saab purchase!
After months of rollercoaster negotiations, Dutch sports car maker Spyker has finally sealed a deal with General Motors to buy Saab for $74 million cash and $326 million deferred shares. Under its new owner, Saab will now be officially called Saab Spyker Automobiles NV.
Spyker, itself not profitable, only rolls out several dozen handmade supercars every year, and has borrowed heavily for this purchase. It has took a loan of up to 4 billion kronor ($550 million) from the European Investment Bank, backed by the Swedish government and subject to approval by the European Commission. There’s also “Back-up financing” in the form of a 150 million-euro loan ($212 million) from investment firm GEM Global Yield Fund Ltd.
In return, Spyker hopes to benefit from Saab’s technical resources and its distribution network. Now that Spyker has “won” the battle to acquire the Swedish marque, the hard part lies ahead. Saab has not been profitable since GM bought it in for $600 million back in 1989 and it remains to be seen how Spyker plans to turn this around. Much will hinge on how the company’s new products – the new 9-5 is out, while the 9-4X is very far into its development phase. The new 9-3 is said to be set for a 2012 debut.
“Marginal players will continue to be marginalized. We cannot build it on hopes and dreams,” Fiat CEO Sergio Marchionne said about this deal. After pouring out so much money to get his bride, that’s the last thing Spyker CEO Victor Muller wants to hear.
GM gets AlixPartners to wind-down Saab but will continue to evaluate bids
General Motors has hired a corporate restructuring firm called AlixPartners to help wind-down Swedish auto brand Saab if it is not sold in time. At the same time General Motors also assured that it is still evaluating bids for the brand and that the appointment of AlixPartners will does not affect the evaluation. It also said that hiring a company such as AlixPartners during such a situation is a common practice in Sweden.
Currently there are two bidders that we know of including Spyker and the duo of Genii Capital and Formula 1′s “Godfather” Bernie Ecclestone. Genii Capital is a Luxembourg-based company that recently purchased majority stake in Renault’s Formula 1 outfit.
There is also a third bidder apparently, according to the Swedish media. This third bidder is Jan Nygren who heads group of Swedish investors. Nygren is a former executive of the aerospace arm of Saab and former senior official in Sweden’s defense ministry.
Spyker to submit final proposal to GM and reveals plans for Saab
Dutch sports car maker Spyker has revealed that it will submit a third or final proposal to General Motors for the purchase of the troubled Saab brand. The new proposal will be passed on before the January 7th deadline that was set recently. “We have gotten time for a final offer. Nothing has been rejected,” said Spyker CEO Victor Muller during an interview with Reuters. Some reports are also suggesting that if a deal is not finalized by Thursday, General Motors will close the Swedish brand down.
Spyker also released information concerning it’s plans for Saab should the deal go through. It plans to rebuild the company by focusing on the 9-3, 9-5 and 9-4X crossover models. It would also introduce a new 9-1 model that will be positioned as an entry-level Saab. Saab would still be based in Trollhattan, Sweden where it has a plant. Most of Saab’s vehicles will be manufactured here but some may not.
The 9-4X is expected to be produced at General Motors’ plant in Mexico which means both Saab and General Motors should maintain certain production arrangements where the American auto giant is expected to continue the supply of engines to Saab. I hope Thursday will bring good news and that Saab’s journey to the grave will be called off.
GM extends December 31st deadline for bids on Saab, Production to restart
A published report by news agency Reuters indicated that General Motors has extended the December 31st deadline for the sale of Saab to January 7th. It was also revealed that Saab will restart its production lines in January for the 9-5 since the company has received orders. It will also output the Saab 9-3 model.
Spyker has been heavily linked with the sale of Saab and the company’s chief executive Victor Muller also said that he believes that there are now multiple bidders for the Swedish brand but did not disclose who there are.
If the deal between Spyker and Saab (General Motors) goes through, Spyker would benefit from Saab’s technical resources and its distribution network, while Spyker would bring entrepreneurial expertise to Saab, according to Muller. He also said that both Spyker and Saab would operate as sister companies.
The report also stated that the Swedish government is willing to allocate US$ 75 million (542 million Swedish crowns) to help cope with the thousands of jobs that are expected to be lost if General Motors decides to shut down the 60 year-old brand, and we are talking about 3,400 jobs in Sweden.
The brand also has 1,100 dealers. At least the good news is that the deadline has been extended and the production lines will restart January.
5.00 pm deadline by Spyker on Saab offer extended
Spyker has revealed that the 5.00 pm deadline for General Motors following the presentation of a new proposal to purchase Saab has been extended until further notice. Spyker expressed its interest after Koenigsegg withdrew from taking over Saab from General Motors. General Motors then revealed that negotiations with Spyker hit a road block and then announced that it will shut the Swedish brand down.
Spyker then came up with a stronger 11-point proposal that was valid until 5.00 pm EST on the 21st of December 2009. Spyker’s CEO Victor Muller said, “It is open-ended. It has been extended until further notice.” Looks like we will have to wait until the American auto giant reveals its decision.
