Saab finally saved by sale to Spyker Cars

Saab finally saved by sale to Spyker Cars

It’s been a long long struggle but it now finally seems that the unlikely match between Saab and Spyker will come to fruition. Last night, General Motors finally agreed to sell Saab to Spyker Cars.

The small Dutch supercar manufacturer and its backers have outlasted other challengers, including Koenigsegg, an investment consortium Merbanco and even a joint bid by Genii Capital and Formula One mastermind Bernie Ecclestone. Spyker has also endured GM and its negotiators, submitting and re-submitting a series of bids to finally put together the winning package.

Complete details of the transaction have yet to be fully disclosed, but it’s understood to include Spyker paying GM $74 million USD up front, along with allowing GMl to have a further $326 million in preferred shares from the new Spyker-owned company. The deal also requires that the Swedish government agree to guarantee a 400 million-euro loan from the European Investment Bank (EIB).

As part of the agreement, Spyker chairman Vladimir Antonov has agreed to resign, a move reportedly required by GM in keeping its intellectual property away from Russian hands.

With Saab’s operations already significantly slowed down after GM’s liquidation movements following the collapse of the earlier Koenigsegg deal, Spyker will be desperate to get Saab’s production back up to speed, including delivery of the 2011 9-5 sedan (pictured), a promising vehicle range that was a sweetener for the entire deal.

It’s been a long long struggle but it now finally seems that the unlikely match between Saab and Spyker will come to fruition. Last night, General Motors finally agreed to sell Saab to Spyker Cars.

The small Dutch supercar manufacturer and its backers have outlasted other challengers, including Koenigsegg, an investment consortium Merbanco and even a joint bid by Genii Capital and Formula One mastermind Bernie Ecclestone. Spyker has also endured GM and its negotiators, submitting and re-submitting a series of bids to finally put together the winning package.

Complete details of the transaction have yet to be fully disclosed, but it’s understood to include Spyker paying GM $74 million USD up front, along with allowing GMl to have a further $326 million in preferred shares from the new Spyker-owned company. The deal also requires that the Swedish government agree to guarantee a 400 million-euro loan from the European Investment Bank (EIB).

As part of the agreement, Spyker chairman Vladimir Antonov has agreed to resign, a move reportedly required by GM in keeping its intellectual property away from Russian hands.

With Saab’s operations already significantly slowed down after GM’s liquidation movements following the collapse of the earlier Koenigsegg deal, Spyker will be desperate to get Saab’s production back up to speed, including delivery of the 2011 9-5 sedan (pictured), a promising vehicle range that was a sweetener for the entire deal.

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