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Spyker confirms talks with BMW over Saab deal

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."

Spyker confirms talks with BMW over Saab deal
The Saab 9-4X BioPower concept car

“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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CARS

Former Swedish Saab bosses appear in court

Swedish car maker Saab's former CEO Jan Åke Jonsson and the firm's former head lawyer Kristina Geers have appeared in court in Vänersborg in west Sweden, accused of falsifying financial documents shortly before the company went bankrupt in 2011.

Former Swedish Saab bosses appear in court
Saab's former CEO Jan Åke Jonsson. Photo: Karin Olander/TT
The pair are accused of falsifying the paperwork at the height of the Swedish company's financial difficulties at the start of the decade.
 
A third person – who has not been named in the Swedish media – is accused of assisting them by issuing false invoices adding up to a total of 30 million kronor ($3.55m).
 
According to court documents, the charges relate to the firm's business in Ukraine and the paperwork in question was signed just before former CEO Jan Åke Jonsson resigned.
 
Both Jonsson and Saab's former head lawyer Kristina Geers have admitted signing the papers but denied knowledge of the Ukranian firm implicated in the case.
 
All three suspects deny all the charges against them.
 

Saab's former head lawyer Kristina Geers. Photo:  Björn Larsson Rosvall/TT
 
Saab filed for bankruptcy at the end of 2011, after teetering on the edge of collapse for nearly two years.
 
Chief prosecutor Olof Sahlgren told the court in Vänersborg on Wednesday that the alleged crimes took place in March 2011, when Saab was briefly owned by the Dutch company Spyker Cars.
  
It was eventually bought by National Electric Vehicle Sweden (Nevs), a Chinese-owned company after hundreds of staff lost their jobs.
 
The car maker, which is based in west Sweden, has struggled to resolve serious financial difficulties by attracting new investors since the takeover.
 
In October 2014 it announced it had axed 155 workers, close to a third of its workforce.
 
Since 2000, Saab automobile has had no connection with the defence and aeronautics firm with the same name. It only produces one model today, the electric 9-3 Aero Sedan, mainly targeting the Chinese market.