Dutch shareholders doubt Saab-Spyker deal

Dutch shareholders doubt Saab-Spyker deal
Spyker CEO Victor Muller
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.

In an open letter, Jan Maarten Slagter has fired a highly-charged list of questions at Victor Muller, whose company is listed on the Euronext Amsterdam stock exchange.

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)

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