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Spyker chief upbeat as EIB approves Saab loan

AFP/The Local · 12 Feb 2010, 17:48

Published: 12 Feb 2010 16:04 GMT+01:00
Updated: 12 Feb 2010 17:48 GMT+01:00

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The EIB agreed that the loan would be guaranteed by the Swedish state, a statement said.

The European Commission backed the Swedish state-guarantee earlier this month.

"I am very upbeat and very please that the largest barrier in the entire deal is now out of the way," Spyker CEO Victor Muller told news agency TT.

"We are now moving quickly towards a conclusion of the deal. Everything is likely to be done next week."

Spyker said earlier this month that it intended for Saab to turn a profit by 2012, requiring an investment of about a billion dollars.

The Swedish company, which manufactured under 30,000 cars in 2009, hoped to increase this figure to more than 120,000, its chief executive Jan-Åke Jonsson said at the same press conference.

Muller said Spyker would apply for a double listing in London and later possibly also in Stockholm, and would consider delisting from the Amsterdam stock exchange.

"Having a listing in London is a much better way of getting close to investors than staying in Amsterdam," he said.

Story continues below…

Proposals to change the new company's name to Saab Spyker Automobiles would be discussed at the next annual general meeting in April.

Muller had reiterated the finalisation of the deal would be conditional on Spyker obtaining the loan from the European Investment Bank.

AFP/The Local (news@thelocal.se)

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Your comments about this article

17:34 February 12, 2010 by ingka
Fantastic !!

Go Saab GO ... now the ball is totally in Victor Muller's camp to make it happen ... so, make it happen!!
20:16 February 12, 2010 by Nemesis
I hope this is a sucess and that Swedish jobs are saved.
20:19 February 12, 2010 by GLO
Mr. Muller, Build a car people Desire,Cut your overhead, in bad times PRICE sells cars....

Best wishes from the USA, I would like to buy your cars...

Now the hard work starts....
21:41 February 12, 2010 by muugii
Good to hear that Swedish iconic brand saved for random time and hope it would saved forever. One day, when I can afford to buy a new car I would go for volvo or saab. Best wishes.
00:05 February 13, 2010 by harrylatour
Right,,this is great news,,,but be very aware that these are difficult times for any car makers and it is NOT only price that sells motors (Perodua anyone???no...thought not!!) Now is the time for real innovations with gas prices going ever upward and dual fuel,hybrid,plug ins, all up for grabs.Let your engineers free to see their designs for the future secure the future of SAAB!! I wish you all the luck people,,,,,from the 70 year old ''car nut''

02:09 February 13, 2010 by repat_xpat

Buy a new 9-5. That way you will be buying an American car AND Swedish DNA. Everyone wins.
06:20 February 13, 2010 by spy

You really are a fearful troll why don't you go back to where you came from and leave the adults in peace.
07:45 February 13, 2010 by johnnyrebel
A tough time to go into the car production business...witness Detroit. Curious about those posters claiming they will buy a new SAAB when they can afford it...when will that be? I leased new cars for twenty years until reality hit home, now I drive a used car and surprise...it gets me from A to B. The global economy has created a huge divide between the haves and have nots and one of the problems as a result is that the consumers cannot afford to consume as much as they used to. This is pretty much the reason that SAAB was left hanging in the wind and bankrupt, market conditions. On a positive note...it is a godsend to the employees to at least temporarily have their jobs but to be on the safe side, if I were one of them, I think I may start looking for another means of support.
09:55 February 13, 2010 by Twiceshy
Of course Spyker is happy. Even in the worst case they can't lose much here, they're putting a small amount of cash on the line, with the 400 million € loan guaranteed by Swedish taxpayers.
14:55 February 13, 2010 by harrylatour
Come on lads,,,,let us not be too downbeat here,,,I know there is a lot of work to do but as long as the 'money men' give plenty of room for the engineers to spread their wings I think that we may be having a very different ''blogging'' session in a couple of years time.The main thing is innovation,,,we are NOT all going to get on a buss to save the planet,,,we all know this is a fact,,so if you have cars that use good tech' your Saab can be one of the winners in the future. Once again,all the luck.

20:17 February 13, 2010 by Scotsaab
We're getting there. Saab is heading back to where it was 20 years ago - hopefully this time with a caring and investment-friendly ownership.
02:28 February 14, 2010 by Ghostrider
Leverage is tough. 100% leverage is a killer.

Good luck Saab.
02:10 February 15, 2010 by bira
When it's all said and done, business is about making money - that is how you pay the employees, re-invest, and make good products. Good luck to SAAB & Spyker, I hope this works out for everyone but don't forget, profitability is a necessity, don't be complacent as Swedish workers can be. Don't think you're owed something, your not, you get paid for your service. Work your asses off and make it happen and you will bask in the glory of success.
00:06 February 28, 2010 by Robert S
Saab can win, but in the US, you must be truly a Saab...in all ways, marketing, product, management team, etc. They must get back to their roots...consumers realize all of the above is still GM!!!
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