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Spyker completes Saab deal

AFP/The Local · 23 Feb 2010, 16:27

Published: 23 Feb 2010 16:27 GMT+01:00

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"The transfer of ownership took place at 4:30 pm on February 23," Spyker said in a statement.

"Going forward Saab Automobile and Spyker Cars will operate as sister companies under the umbrella of the Amsterdam Euronext listed parent company Spyker Cars N.V.," it added.

"We are delighted. Saab's future is now secure," Spyker chief Victor Muller said in the statement.

"From today we will be concentrating all of our efforts into reviving Saab and transforming it into a sustainable and profitable company with the confidence to be bold," he added.

Spyker and GM reached a deal last month for the sale of Saab for $74 million in cash and about $326 million worth of redeemable preferred shares to be retained by the American giant.

Saab's future had been in doubt throughout 2009 as GM, going through bankruptcy, radically restructured its business and tried to sell off what it saw as non-core and unprofitable assets.

"Today's announcement is great for Saab's customers, dealers, suppliers and employees around the globe," Saab chief Jan Åke Jonsson said in Tuesday's statement.

Story continues below…

"The level of passion and support shown to Saab over recent months has been remarkable and this does bode well for the future," he said, adding that the Swedish company would now focus on the introduction of its new 9-5 model later this year.

Spyker, a minnow in the global auto industry, manufactured 21 cars in the first quarter of 2009 and sold 23 for prices starting at €199,990. It has a workforce of about 90 assembly workers while Saab has 3,400 employees in Sweden alone.

AFP/The Local (news@thelocal.se)

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Your comments about this article

17:16 February 23, 2010 by zircon
OH I'm so happy!
17:26 February 23, 2010 by GREG FOLSE
That is Great News!!!! When can i start!
17:36 February 23, 2010 by tigger007
you two guys are planning on working for the new saab company. it's gonna be a tuff to get saab up and running again like it suppose to be. sometimes companies need new blood to get things going again. what saab really needs is a new motto or reputation(like volvo has safety). good luck saab!
17:49 February 23, 2010 by klosenuf

You're right! When are we going to get the nod back?? LOL...
19:03 February 23, 2010 by GLO


Start with cost of production..Design a New Product People WANT and can PAY FOR..How you start will say it all...Good Luck.......

Better find a Bulldog/SOB to run the comp.....
20:36 February 23, 2010 by Nemesis
This is good news.

I wish them the best.
07:16 February 24, 2010 by Arcticeric
CAUTION: Keep an eye on what the new owners REALLY do with the cash flow ... this saga feels a bit like, do whatever it takes to get Sssb, and then drain it ... its the Las Vegas way and the Russian banks know it well.....
08:37 February 24, 2010 by karex

I would normally be inclined to agree with you except for one small matter: what are they going to drain Saab of? Debts?
09:08 February 24, 2010 by aglaria
The worst you can accuse Antanov of is that he expects a profit from his investment. in other words an good functioning and profitable Saab_Spyker company
09:18 February 24, 2010 by morchad
@ Glo "Design a New Product People WANT" Spot on! Both Saab & Volvo missed the boat with the MPV market and when I look at the current Saab line up I see practically 5 variations of the same car.
09:26 February 24, 2010 by pccampbell
Seems like we have been down this road before and the end result is a lot of pain and disappointment for a lot of folks. The name then is disappeared. Hope that does not happpen.
09:53 February 24, 2010 by rugla
You missed the Russian flag!
11:22 February 24, 2010 by xavidx

"like volvo has safety"

Vovlo HAD safety. Everyone is in to safety now. Volvo needs a new way to make them unique and needed.
12:09 February 24, 2010 by Scotsaab
Good news - but now the real hard work begins. Some bloggers need to put aside their ownership doubts, it really has nothing to do with them. Companies like Saab/Saab Spyker Cars are international beasts, funding comes from many diverse sources. You's be surprised where investment was drawn down from for some of the world's big "national" marques - GM, Ford, Mercedes-Benz, PSA and even some Chinese manufactures. It really does not matter.

What's important now is for Saab, their workers and dealer network to get the support they deserve. It'll take years to make a big difference - but good management, as opposed to ownership, is what matters now.

I've met a few ande I'm impressed. My hopes are high.
13:52 February 24, 2010 by spy

Agree totally. And my hopes are high too.
14:26 February 24, 2010 by Ghostrider
Celebrate the first step. The sale.

Next is the hard part - execution with a fragile Saab and utterly devastated dealer network. Time will tell if this was the right fix (I do not believe it is) but we all wish Saab well. If anyone can do it, its those plucky Swedes.

Facts are facts. Antonov is not a good fellow and Dun and Bradstreet said Spyker seldome paid its bills on time - always late. This was no a great match for Saab.
22:16 February 26, 2010 by spy

There are some people who have reinvented themselves on this forum recently as they have lost credibility because they said Saab would never have been sold to Spyker. . .

But anyway the dealer network is actuallly in better shape than you would imagine and I suspect most of those dealers that have been terminated are GM dealers where Saab was a minescule part of their business (and Saab's too).

Also where are your facts about Antonov being 'not a good fellow'??? My point is that to date there is not a shred of evidence to prove it and even GM has not openly made comment about him. And as for the late bills you are just being petty now - since Saab was saved suppliers have been rejoicing. . .
23:57 February 27, 2010 by Ghostrider

Not petty at all - they are facts that cannot be disputed - Spyker is a chronic late payer, including to my company. We call it a constant workout.

The dealer network in the US is in shambles with several publicly stating they are weeks from closing. Inventory won't arrive for months and financing is impossible.. Easily confirmed.

I don't think the US Government and the Sweden Government normally restrict people for no reason, do you? When these folks get involved, they don't normally publish their findings on national security grounds. That's my read. You, on the other hand, keep thinking someone is out to get Antonov. Normal people (and their bodyguards) aren't shot seven times. After the last few years, you would have danced with the devil to keep Saab and your job. Quite understandable.

Time will tell with Saab and we all celebrate this stage. I just don't like the buyer. If you don't like that, it's ok. GM won again and that is sad.
00:10 February 28, 2010 by Robert S
Hard work counts, but in the end Saab must get back to being a Saab....in all ways, marketing, product, management, etc. Domestic car guys are soft...why do you think Marchione got rid of most Chrysler key guys and brought in import guys???
11:04 February 28, 2010 by spy

I know you failed in your bid but you don't have to be a sore loser. Saab has a chance now which is a much better situation than it was in at Christmas. . Also I must tackle some of your points:

1) Show me any manufacturer that has a totally secure dealer franchise

2) Yes things are going to be tough for a few months but the dealers, suppliers and employees are behind the plan and what was the alternative - extreme pain under closure.

3) There is no proof whatsoever that Antonov is dirty - if there is show it. Also Antonov was never shot - you are talking about his father - and I fail to see how an assassination attempt is proof of anything. . .

4) But you are right there are no certainties in life and time will tell if this was a good move.
14:35 February 28, 2010 by zeulf
Now that ScottSaab and SPY have the job well in hand, we poor folk can contacot our sstockbrokers and rake in the Kroner, Give these poor sods 18-24 months to bring some new product fourth , then we shall see if they are worthy.

@SCottSAAB " Good news-but now the real hard work begins" Duh? Get real SCOTT
15:33 February 28, 2010 by Ghostrider
Spy: What bid? I am quite excited for Saab but have doubts about the published business practices of the new owner - rather than address these, you attack me? I have no idea what you are talking about and thus, you must not either.

Here is a fact. Spyker never made money and was a chronic late payer per Dun and Bradstreet. Have any comments about that, Spy? Any excuses? Or, should that just be brushed aside like Antonov? I expressed doubts and you blindly followed. So be it.

Show me a solid car company with a more fragile dealer network?

Time will tell indeed and I hope I am wrong.
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