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Trading in Spyker halted on Dutch exchange

TT/The Local · 26 Jan 2010, 16:08

Published: 26 Jan 2010 16:06 GMT+01:00
Updated: 26 Jan 2010 16:08 GMT+01:00

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The Netherlands Authority for the Financial Markets (AFM) announced that it had given instructions to suspend trading in Spyker shares at 1.45pm.

Shares in Spyker Cars rocketed almost 80 percent on Monday as rumours about the deal gathered pace.

"We're going to be able to give more information later but I can't say anything right now and I can't guarantee that I'll be able to give notification today," said Spyker spokesman Mike Stainton.

Stainton didn’t deny that the stop in trading was related to the Saab deal.

“That’s a conclusion you are free to make, but nothing I can comment on,” he told TT.

Spyker CEO Victor Muller was also coy when asked about the trading stop, but appeared more bullish on the pace of negotiations.

“I can’t comment now, but there will definitely be some information later today,” he told financial news website E24.

Negotiations between General Motors (GM) and Spyker Cars about the sale of Saab Automobile continued on Tuesday, as questions about financing remained.

“There’s no news right now,” Muller wrote in a text message to the TT news agency shortly after 1pm.

As Muller continues his quest to convince the US auto giant that his company can assemble the financing necessary to pull off the purchase of Saab, Dutch billionaire Marcel Boekhoorn on Tuesday denied that he was going to help finance the deal.

“Marcel Boekhoorn affirms that he is not involved in Spyker Cars’ purchase of Saab,” read a statement received by TT.

“He has no further comments,” Boekhoorn’s secretary told TT.

Boekhoorn owns 3.84 percent of the shares in Spyker and serves as an advisor to CEO Muller, although he does his best to avoid publicity.

On Monday, the 50-year-old investment mogul was reportedly brought into the Spyker deal to ease GM concerns about a group of Russian investors who had previously agreed to back the bid.

Story continues below…

Meanwhile, politicians in Belgium are trying to convince Spyker to move Saab’s production from its base in Trollhättan in western Sweden to Antwerp, according to Dutch newspaper Het Financieele Dagblad.

Antwerp is home to an Opel plant which General Motors (GM) is planning to shut down in June. A Dutch-Belgian car company could be created which would save 2,500 jobs at the Opel factory.

Spyker would receive a loan guarantee worth 1 billion kronor ($137 million) as part of the deal, which comes as part of a proposal put forward from the Flemish political party, Lijst Dedecker.

TT/The Local (news@thelocal.se)

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Your comments about this article

14:56 January 26, 2010 by Rick Methven
"Antwerp is home to an Opel plant which General Motors (GM) is planning to shut down in June. A Dutch-Belgian car company could be created which would save 2,500 jobs at the Opel factory"

Great Idea! get the Swedish Taxpayer to guarntee the loan for the Sale of SAAB to Spyker then close it down and move it to Antwerp to save Belgian jobs. LOL

Typically Belgian thinking with their backsides
15:09 January 26, 2010 by sweco1
Yes now their plans are coming out of the fog.

Yes Russian money is behind these moves to get SAAB at cheap price.But you need to know that these are not just Russians, you need to know who they really are, then you can understanding!

They want to bring Opel and SAAB together for lower cost and sell to their captive market in Russia.

I would not be trusting the Belgium goverment most likely same element on inside but different color on outside.
15:35 January 26, 2010 by Scotsaab
This all looking very messy. Looks like Saab's future is very much at risk and the prospects of a positive outcome look bleak.

Now's the time for that miracle!
16:02 January 26, 2010 by mikmak
I would suspect that a loan guarantee from the Swedish government comes with some form of constraints on how, and where, the money can be used.

Just like I can't go to the bank and tell them I want a loan to buy a house and then spend it on something else.
22:32 January 29, 2010 by zeulf
Hope noone will lose money in the Stockmarket on this one.
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