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Spyker confirms talks with BMW over Saab deal

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Spyker confirms talks with BMW over Saab deal
The Saab 9-4X BioPower concept car
08:31 CEST+02:00
Spyker Cars, the Dutch automaker that owns Sweden's Saab, confirmed on Monday that it was in talks with Germany's BMW, noting speculation about a "possible supply relationship."

"The group confirms that talks are ongoing and will give further details once a final agreement has been reached," Spyker said in a statement.

Dutch broadcaster NOS reported earlier on Monday that a deal should be signed on Wednesday for Saab to buy technology and parts from BMW.

"An announcement on cooperation will be made at the Saab factory in Trollhättan, Sweden, on Wednesday," Saab's Netherlands-based spokesman Dick Braakhekke told AFP.

He declined to elaborate on the nature of the cooperation, or with whom. The announcement will be made at a press conference Wednesday at 11.15am local time by Spyker CEO Victor Muller, Saab CEO Jan Åke Jonsson "and presumably someone from the other company," Braakhekke said.

Spyker shares skyrocketed on the news, gaining 63.75 percent by 2.30pm to reach €3.93 ($5.30). Spyker, which has never made a profit since it was set up in 2000, acquired the much larger loss-making Saab from US auto giant General Motors in

February last year.

Spyker, a small specialist luxury sportscar maker before it bought Saab for close to $400 million dollars, said in August that Saab had sold 10,500 cars in the first half of 2010, down from 24,300 in the same period in 2009.

Saab hoped to sell 45,000 units for the year as a whole, rising to 80,000 next year, returning to profit in 2012 when it aims to sell 120,000.

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