Spyker reaches deal to buy Saab from General Motors

[WILWAXU]

http://www.autoweek.com/article/20100126/CARNEWS/100129947
Spyker reaches deal to buy Saab from General Motors

By BOB GRITZINGER (http://www.autoweek.com/apps/pbcs.dll/personalia?ID=1000013&category=contact)

http://www.autoweek.com/storyimage/CW/20100126/CARNEWS/100129947/saab95.jpg?ref=AR&maxw=340
A picture of a front view of the Saab 9-5 sedan. (http://www.autoweek.com/article/20100126/carnews/100129947/car-pictures&template=photo) Saab has started production on the redesigned 9-5 sedan.

Article
David gets Saab (http://www.autoweek.com/article/20100126/FREE/100129945)

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General Motors' Saab division won't end up on the post-bankruptcy scrap heap with Pontiac and Saturn.

Just as Saab's death appeared imminent, the Swedish automaker was scooped up on Tuesday by Dutch supercar-maker Spyker Cars in a $74 million deal that has been in works for months.

Spyker CEO Victor Muller said as recently as two weeks ago that he expected to finalize the acquisition of Saab in “days, not weeks.” GM, meanwhile, was proceeding with the orderly two month wind-down of the company, a process reconfirmed by GM CEO Ed Whitacre during a press conference on Monday. GM purchased Saab two decades ago and had lost money on the company for years.

GM originally agreed to sell Saab to Swedish supercar-maker Koenigsegg, but that deal fell through in November.

Spyker's purchase of Saab means the company will need to hire more workers to increase production capacity so the new company can build Saabs and a higher volume of Spyker vehicles. Muller has said Spyker plans this year to make about 100 of its supercars that will sell for $200,000 to $250,000 each.

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A picture of Spyker Aileron (http://www.autoweek.com/article/20100126/carnews/100129947/car-pictures&template=photo)
Spyker Aileron

If Saab follows the product-rollout script written prior to the company going on the block, an all-new 9-5 sedan beginning production in Trollhattan, Sweden, will debut this spring. The new 9-5 is based on a long-wheelbase version of the Insignia from GM's European Opel subsidiary. It's not clear how the purchase will affect future Saab product, such as a replacement for the 9-3.

The sale means Saab owners are guaranteed a supply of parts, as well as future models, to replace the cars in their garages. Saab enthusiasts, some of whom came to GM headquarters in Detroit in early January to protest Saab's demise, can rest easy knowing their favorite brand is back from the brink.

What is also clear is that Muller's purchase left a bid stalled on the grid by Formula One commercial boss Bernie Ecclestone. Ecclestone and Luxembourg-based Genii Capital pitched the idea of buying Saab in early January.

This article was last updated on: 01/26/10, 13:15 et

[Ragtop 99]

$74M?? I wonder how debt was assumed by Spyker.

Per Reuters:
Saab owner General Motors announced the deal, without disclosing financial details, but a source familiar with the matter said Spyker would buy Saab for $400 million, $74 million of which is in cash, with the rest in deferred shares.
The deal is subject to a Swedish government guarantee on a 400 million euro ($564 million) loan from the European Investment Bank, which Sweden told GM it was reviewing.

[WILWAXU]

Sounds like a bargain :D

[demonspeed]

Good luck to them. I'm sure a lot of Saab-faithful are very pleased.

[NJSPEEDER]

Hmmm, turbo Ecotec powered Spyker? Sounds interesting.

Hopefully Spyker can do something with them. Saab gave GM a ton of technology over the years. Let's see what a boutique sports car company can do with it.

-Tim