July 30, 2010
EU approves Sweden's Saab loan guarantee
Published: 8 Feb 10 12:44 CET
Online: http://www.thelocal.se/24860/20100208/
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The EU's competition watchdog has approved the Swedish government's intention to guarantee a European Investment Bank (EIB) loan to automaker Saab.
- Saab dealers: we'll help pay for Spyker deal (5 Feb 10)
- Sky darkens over Spyker-Saab funding (2 Feb 10)
- Government probe halted Saab-Spyker deal (30 Jan 10)
The remaining 17 percent will be provided on market conditions and therefore does not constitute state aid, the commission stated.
"The state guarantee will contribute to the implementation of Saab's business plan without giving rise to any undue distortions of competition," said EU Competition Commissioner Neelie Kroes.
In particular, Saab will pay "an adequate remuneration" for the guarantee and provide sufficient securities in case the guarantee would be drawn.
Sweden announced last month that it will guarantee the loan following a decision by US automaker General Motors to sell Saab to Dutch luxury sports car maker Spyker.
As part of the agreement, Spyker will form a new company, Saab Spyker Automobiles, that will carry the Saab nameplate forward.
GM officials said the deal called for Spyker to pay $74 million in cash and allow GM to retain redeemable preferred shares worth an estimated $326 million.
The Swedish loan is to help Saab produce less polluting and more eco-friendly cars.
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I think you are confused why do you think the Swedish government could be left holding the 'empty bag'?
Also I would say Victor Muller has had his sucesses too. . .
You are etitled to your opinion but I have never read anything redeeming about Mr. Muller or Spyker. Only losses. The deal looks to be 100% leveraged (even the equity is now borowed) and all of the high % debt will not help save Saab.
Yes the Saab deal is leveraged, who would not leverage when buying a car company? And the debt he used to buy his shares will be his debt and not Saabs.
No response to the litany of former partners who have nothing good to say? The poor record of Spyker? Antonov?
We can hope for the best.
I understand your concerns regarding his deemed lack of Auto experience but let's face it the auto industry needs some fresh thinking and a reference point outside of its own sphere. He has proved he is tenacious let's see if he can be entrepreneurial with Saab too.
I wasn't aware that I needed to respond to your every word but I think it is clear that Antonov, as a partner, is more miffed with the Swedish Intelligence (oxymoron) Service and GM for alleging that he had Mafia links with apparently no grounding whatsoever.