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Spyker boss to Sweden over Saab future

TT/Christine Demsteader · 23 Jan 2010, 13:09

Published: 23 Jan 2010 13:09 GMT+01:00

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According to US news agency Bloomberg, Spyker has submitted a bid of around 3.6 billion kronor ($500 million) for Saab and adds that GM are, in principle, satisfied with the offer.

The bid has been divided so that GM would receive around 541 million kronor ($75 million) in cash and 2.3 billion kronor ($325 million) worth of shares in the future company.

In addition, GM would receive 721 million kronor ($100 million) directly from Saab funds, money to be profited from the sale of equipment to Chinese company BAIC.

An important question hanging in the balance for Spyker is the promise of a loan guarantee from the Swedish National Debt Office (Riksgälden) in accordance with the European Investment Bank (EIB).

Reports from the US suggested that Spyker chief executive Victor Muller was in Stockholm to meet with representatives from GM to continue negotiations.

While sources from both Bloomberg and DI state the Spyker-Saab deal can still collapse, it has also been reported that the process may soon be finalised and an announcement could be on the cards next week.

Meanwhile, the two liquidation companies appointed to oversee the wind down of the company are awaiting developments before making changes or issuing final notices for Saab employees, reports TV4 West.

"It's clear they are waiting and I can confirm they have not been in touch with us," said Paul Åkerlund, chairman of the IF Metall union branch in Trollhättan, to news agency TT.

Story continues below…

Åkerlund added that no union representatives at the Saab factory have as yet been called to a meeting with the liquidators.

TT/Christine Demsteader (news@thelocal.se)

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Your comments about this article

14:51 January 23, 2010 by Nemesis
Hopefully Spyker can save at least some jobs in Trollhätan.

At this stage it does not matter who buys it, as long as at least some jobs are saved.
15:26 January 23, 2010 by The Nine
Spyker are a bespoke sports car builder and have always had ideas bigger than their finances allow. They raced Le Mans for years and everyone loved them as they entred on a comparative shoestring. The came into Formula One in 2004 and, once again, put up a spirited performance as everyones favourite underdogs. However, they were gone after 2 seasons. Spyker are the last great motor play boys. They dabble, spend money, and then get bored when they don't have the finance to compete. They have big b*lls and a great passion but they have never done anything but build sports cars in a little factory in Holland.

GM should create a consortium between Bernie Eccelstone and Spyker. That might work.
18:25 January 23, 2010 by spy
It might be worth watching the Spiker NV shares.
19:50 January 23, 2010 by The Nine
Possibly thats the reason for their bid {that won;t happen}
21:51 January 23, 2010 by spy
I think it will - we will see.
00:32 January 24, 2010 by falcon
This is good news for Saab but I wish the buyer was stronger and more experienced in big enterprises. Now we have to see if Spyker can make Saab a success.
00:53 January 24, 2010 by repat_xpat
I agree with Nemisis, I hope it can save the jobs. There are a lot of good people who deserve to keep their jobs (even if their SAAB leadership did everything they could to prevent SAAB from being efficient).

I also agree with "The Nine", that Spyker is not really capable of pulling it off. I am suspicious of this article: why is Spyker not meeting with GM in Detroit? Spyker is goes to Trollhattan, Stockholm and all over to talk about their bid for SAAB, everywhere but Detroit. I fear that the only result is the building of the false hopes of the workers at SAAB. GM has not changed its direction since 18DEC. Like Oldsmobile, Pontiac, Saturn, & Hummer -- SAAB is winding down.
08:01 January 24, 2010 by spy

Your stupidity continues to amaze me. If Spyker is looking for a loan guarantee from the Swedish government why on earth would they go to Detroit to get it??? Don't tell me you work for GM in global planning. . . this might explain why GM has lost $88 billion in the last 5 years.

Anyway hopefully you will have to 'eat your hat' over this matter in the very near future.
08:55 January 24, 2010 by zircon
Clash of the Teutonics.
00:22 January 25, 2010 by McChatter
Look at the age of the GM board. Wouldn't disgrace an elederly home's government. No wonder it takes them so long to take a decision. In Opel's case it was more than 12 months, How many months is it now for Saab? Obama is the prime stockholder in GM.When is he prepared to show his strength and show the GM board who is boss and take a decision about Saab? This has gone on too long!
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