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February 14, 2012
Dutch shareholders doubt Saab-Spyker deal
Published: 29 Jan 10 16:05 CET | Double click on a word to get a translation
Online: http://www.thelocal.se/24682/20100129/
The director of the Dutch Shareholder's Association VEB has thrown a spanner in the works of the Saab-Spyker deal by publicly demanding answers from Spyker CEO Victor Muller on his financing plans.
- Sweden reacts with joy and caution to Saab sale (27 Jan 10)
- Spyker chief to preserve Saab's 'Swedishness' (27 Jan 10)
- The inside track: Spyker (26 Jan 10)
Slagter is requesting more details as to Spyker's financing of Saab Automobile from General Motors, which was announced earlier this week.
He hopes his queries will be addressed at the next shareholder's meeting, scheduled for February 12th.
"It's an extremely complicated deal, so shareholders should be informed in more detail about the chances of success," Slagter told financial news website E24.
A central question for VEB is Spyker's strategy to reverse the fortunes of Saab and turn an old, ailing business into a profitable new venture.
"That is, of course, what is most important," Slagter added. "The new management of Spyker have no experience whatsoever of large-scale car manufacturing."
Slagter casts a pessimistic shadow over the deal and believes the new company’s chances of success are 'minimal'.
“I wish him good luck but all those who are thinking of investing in the company must be aware that they are taking a big risk.”
Shares in Spyker rocketed when rumours emerged of the take-over talks with GM.
At the end of last year shares hovered around the €1.90 ($2.65) mark. On Friday, at the time of writing, they were trading for €3.85. ($5.37)
Christine Demsteader
news@thelocal.se
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What the shareholders need to know is that the SAAB Community is extremely supportive of this new ownership of SAAB and that outpouring of support is unprecedented.
I wish you luck! But coming up with exclamation-enforced sentiments is a far cry from being a profitable car manufacturer.
And making cynical comments based on zero fact doesn't make you an expert either.
SAAB can be Very profitable in America by returning to its core values..SAAB was and is a niche player.. Period..
They will do well provided they stay in their market and market segment...
Not a good start.
I am sure that there were other prospective buyers who were more private with their personal finances.... And rightly so - this will have no bearing on the deal in any way.