Spyker buys Saab

[Alan®]

http://www.autoblog.com/2010/01/26/b...aab-to-spyker/

What a long, strange trip it's been. Every thriller must have an endgame, although whether the guy gets the girl in the end or just plain "gets it" is often in doubt right until the final frame. This afternoon, after a most improbable and tortured saga, General Motors has finally agreed to sell Saab to Spyker Cars.

The tiny Dutch supercar manufacturer and its backers have outlasted all comers, including everyone from Koenigsegg to investment consortium Merbanco to a joint bid by Genii Capital and Formula One mastermind Bernie Ecclestone. More significantly, they've outlasted GM and its negotiators, having stayed the course, submitting and re-submitting a series of bids to finally bring together the winning package.

Complete details of the transaction have yet to be fully disclosed, but it's understood to include Spyker giving GM $74 million up front, along with allowing The General to pocket a further $326 million in preferred shares from the new Spyker-owned entity. The deal requires that the Swedish government agree to guarantee a 400 million-euro loan from the European Investment Bank (EIB), a step that is expected to be consummated in February.

As part of the agreement, Spyker CEO Vladimir Antonov has agreed to step down, a move understood to be key to GM's interests in keeping its intellectual property sequestered from Russian hands.

With Saab's operations already partially "wound-down" from GM's liquidation moves following the collapse of the earlier Koenigsegg deal, it will be interesting to see how quickly Spyker can get the Swedish marque's operations back up to speed, including delivery of the 2011 9-5 sedan, a promising vehicle range that was likely the linchpin holding the whole deal together.

Interestingly, after this protracted and very public battle, Saab may actually have more visibility and consumer goodwill built up than it has in decades. Whether this will translate to additional sales or fall by the wayside remains to be seen. General Motors could also potentially see a bit of public cordiality from seeing this process through, as it will also have proven that it can successfully spin off one of its properties, something that was in doubt after the caving-in of the Saturn sale to Roger Penske and what looks to be an increasingly tenuous sale of its Hummer brand to China's Sichuan Tengzhong. Click through to the jump for the official press release from General Motors.

[JDMGRNAV6]

veryy interesting

[cjhutch]

As a Saab owner this is great news and I have been following the talks closely. It would have been great if the initial deal with Koenigsegg would have gone through. Then there was also Genii headed by Bernie Ecclestone which would have brought a lot of buzz as well. This deal helps both companies (Saab/Spyker) and Spyker is really going to benefit from the technology that Saab has. Let it be known that Saab has a true loyal base that organized rallies and convoys all around the world in support of making the deal happen.

[Nerdsrock22]

SAAB + Spyker's supercar experience =



Do it.

[cjhutch]

SAAB + Spyker's supercar experience =



Do it.

It's not really their supercar experience as much as it is a company that's free to do what it wants. Saab was stifled by GM and the bean counters. Just look at the concept cars Saab came out with and what came of them. The Aero-X and 9-X Biohybrid are two cars that should have been put into production. The Aero-X in a smaller true sports car package with the 2.8 Turbo V6 drivetrain in the Turbo X would be one nice car. In addition Spyker really knows how to design an interior. That's the part I like the most about their cars. I also see Spyker going away from the Audi engines and developing some in house products using the Saab turbo technology along with the biofuel technlogy they use in some of the European models. Just look at these two. The Aero-X is a concept from 2006 and still looks amazing. The 9-X would be a killer small car with power and economy to please almost everyone.

[DVSRX-7]

cooooooooooool