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Spyker confirms talks with BMW over Saab deal

AFP/The Local · 27 Sep 2010, 16:23

Published: 27 Sep 2010 08:31 GMT+02:00
Updated: 27 Sep 2010 16:23 GMT+02:00

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"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.

Story continues below…

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.

AFP/The Local (news@thelocal.se)

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Your comments about this article

04:38 September 28, 2010 by volvoman9
This should be a good thing for Saab. BMW has the depth and infrastructure to provide a variety of useful parts and technology that could fast track the appeal of the brand. This is a common practice today. Porsche and V W / Audi. Volvo and Ford ( now Geely) MB and Chrysler soon to be Fiat and Chrysler. GM Saab Opel. Soon one car for the world eh? I'm glad I'm old enough to have lived in the heyday of the auto.
15:00 September 28, 2010 by jazzIIIlove
I am really tired of Saab news here, this shouldn't b a good thing for Saab. Abolish Saab immediately. I cannot bear Saab to be sold to a group without having a genuine Swede majority in its administration department. Maybe, the genuine Swedes voted for SD should gather and invest on Saab and revive it.
23:33 September 30, 2010 by Scotsaab
If you're tired of reading Saab news here - stop logging on. Too much negativity is not good for anyone and there's been a lot of it reproduced in this blog.

Why don't the detractors recognise that the Saab buyout by Spyker and this subsequent tie-up with BMW is great news for the Saab brand.

Without the progress that's been made in the past 12 months the badge would have died as a result of the development malnutrition administered by GM over the previous 20 years. Is that what you want? Is it?

Saab has a future. It's maybe not the one the core supporters like myself would have wanted - but it is undoubtedly the best. At least it provides the chance of retaining and nurturing the marque back to health and launching new cars.

I've done my bit and drive the new 9-5. It's not a Mercedes-Benz, an Audi or a BMW - and neither is it pure Saab. But that's the point. Saab cars have all been hybrids of other manufacturers - different, characterful and good to drive and own.

Give them the chance they deserve. They've already confounded the doom merchants who predicted its demise nearly a year ago. Let them flourish and judge them if they are still here in five years. If not, at least Spyker tried.
20:31 October 6, 2010 by CarsFind
An engine isn't the entire car. Saab will still be riding on it's own or handed down GM platforms aside from the Mini. Also, the 3 series in the US is offered only with BMW's inline 6, besides that, the 3 series is RWD whereas the Saab most likely will be FWD.

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