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Spyker & General Motors reach agreement over sale of Saab

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27th J
anuary 2010

Spyker and General Motors have both confirmed that agreement has been reached over the sale of Saab. This agreement secures the immediate future of Saab cars, to the delight of it's thousands of employees, owners, dealers and suppliers.

The sale comes with the announcement that Saab produced just 20,791 vehicles in 2009, down massively from the 89,086 vehicles produced in 2008, and underlining the extent of the challenge ahead for Saab.

Spyker have agreed to pay an astonishing US$74 million for Saab despite the massive volume drop and the interim financial statements showing a loss of €400 million for 2009 before interest, depreciation and taxes are considered.

The Swedish government are supporting the deal with by guaranteeing a €400 million loan agreement between Saab and the European Investment Bank.

Victor R. Muller, Spyker's CEO, stated: "We are very much looking forward to being part of the next chapter in Saab's illustrious history. Saab is an iconic brand that we are honoured to shepherd. We are delighted to have secured the jobs and livelihoods of thousands of loyal Saab employees, suppliers and dealers and to have given reassurance to the 1.5 million Saab drivers and enthusiasts around the world. It was breathtaking to see so much support from the global Saab community over the last months which not only shows the strength of the brand but also helped us in our relentless determination to get the deal done."

Jan Åke Jonsson, CEO of Saab Automobile AB said:  "It has been a challenging 15 months for Saab but our global organization has shown a fighting spirit that will serve us well going forward.  The agreement with Spyker Cars has secured Saab's future and will enable us to maximize the brand's potential through an exciting new product line-up with a distinctly Saab character."

"Today's news is great for Saab's customers, dealers, suppliers and employees around the globe. The level of passion and support shown to Saab over recent months has been remarkable and I would like to take this opportunity to thank all of those people who continued to believe that Saab deserved a future. Now we aim to get back to the execution of our business plan and with the continued support of our employees and business partners I am confident we will succeed."  

Spyker intends to change its name to Saab Spyker Automobiles N.V. subject to shareholder approval.

GM has retained a small interest in Saab in the form of redeemable preference shares.

More Saab news ..... here
More Spyker news ..... here

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