Saab Spyker Automobiles formed; details of $400m deal revealed
26 January 2010

Saab has been bought by Spyker in a $400 million deal, subject to final detailed negotiations being completed in mid-February. The new company will be called Saab Spyker Automobiles.

Spyker will give parent company GM $74m (£47m) for Saab, with $50m paid on completion of the deal and the remaining $24m on 15 June. Spyker also confirmed it has extended a $150m credit line, plus taken additional loans to fund the deal.

A brief history of Saab

As part of the transaction, Spyker must also negotiate the acquisition of all the outstanding shares in Saab Great Britain Ltd, the UK distribution, marketing and sales company for Saab, from General Motors UK.

GM will retain $326m worth of shares in Saab, which will give it minimal voting power in the company's future, but allow it to share in potential future profits.

The deal is also subject to the European Investment Bank confirming a 400m euro (£349m) loan, which the Swedish government has agreed to guarantee.

Following the news, Spyker boss Victor Muller said: "We are very much looking forward to being part of the next chapter in Saab's history. The next task is for Saab to become profitable in its own right, and that's not an easy task. But it is one that I think can be achieved."

The new Saab 9-5 and Saab 9-3 ranges will be built at Saab's Trollhattan base, while agreement has been reached for the Saab 9-4X to be built at GM's Mexico factory. Spyker has confirmed that all IP copyright and other facilities are part of its purchase.

Prior to Saab's sale, its Trollhättan base was extensively reorganised, bringing production of new models in house and cutting costs to ensure the company could be profitable with sales of less than 100,000 units per year.

In addition, Saab managing director Jan Ake Jonsson, who joined Saab in 1973 and became MD in 2005, will return to his post with immediate effect.

As part of the deal, Spyker's chairman, Russian banker Vladimir Antonov, has sold his shares to an equity firm owned by Spyker CEO Victor Muller. GM had demanded this, fearing its IP property could be fed into the Russian car industry.

"Today's announcement is great news for Saab employees, dealers and suppliers, great news for millions of Saab customers and fans worldwide, and great news for GM," said John Smith, GM vice president for corporate planning and alliances.

"General Motors, Spyker Cars and the Swedish government worked very hard and creatively for a deal that would secure a sustainable future for this unique and iconic brand, and we're all happy for the positive outcome."

Saab has 3400 employees worldwide. GM put the company up for sale in January 2009, as the US firm restructured in the face of the financial crisis.

Swedish supercar maker Koenigsegg pulled out of a deal to buy Saab in November, leading to GM announcing that it would start to wind Saab down. However, Spyker - along with other bidders - made last-gasp offers to save the company.

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Comments
36

26 January 2010

Here's to all those who kept the faith.

Now the real work begins.

26 January 2010

Great news indeed. Of all the manufacturers that have been in danger of closing as a result of the global finance upheaval, SAAB was the least deserving candidate, mainly because none of its woes were self inflicted but were the result of poor management decisions made far away by people who did not understand the premium/enthusiast market that SAAB operated in. I believe that SAAB consistently had the highest customer loyalty / repeat customers of any manufacturer duing the 1980s. Well done to Spyker for rescuing them, Congratulations and Good Luck to all theose involved with the new company.


Enjoying a Fabia VRs - affordable performance

26 January 2010

I'm glad SAAB have been bought, now they need to get back to the cars they are good at

26 January 2010

[quote ordinary bloke]SAAB was the least deserving candidate, mainly because none of its woes were self inflicted but were the result of poor management [/quote]

I think this was the problem faced by all of the car companies that had problems!!

A company is simply the product of its management! If products are going wrong, somthing is generally worng with management! You'd do well to find an excellently managed company thats doing poorly!

So essentially, aall the companies were of equal deservedness to fail - Saab more so than most due to their unbelievably small 2 car line up! Of course its due to poor management - as are most problems. But the fact remains they could not go on as they were.

I wish Saab all the best - THe more companies there are that offer some excitement and interest to the lineup of mostly boring and bland vehicles out there the better.

Although as mentionned above - the hard work starts now! Saab has a lot of work if it wants to stay afload! The new 9-5 I fear will not be enough to save the company as they will still only have a 2 car lineup - they need to start getting some new and fresh models out (SUV, Small car etc) - I can only hope that Spyker has the finance and management ability of a mass market vehicle producer to make it succeed.

Time will tell....

26 January 2010

So happy about this! Congratulations and good luck to the company.

26 January 2010

A piece of good news for all car fans...hopefully we can see Saab return to its path of real technical innovation...I remember my Dad's red 96

26 January 2010

To play devil's advocate here, the company's card was marked after those atrocious 2008 sales:

Saab: -25%
Hummer: -23%
Pontiac: -4%
Chevrolet: +1%
Buick: +6%
Cadillac: +8%
Saturn: +12%

Essentially, Saab was the poorest performing GM brand and come on, own up: which of you bought one? A small number of cars find their way to v. loyal fruitcakes who bought a 9000 Aero years ago and since that time have collectively maintained the company's 0.3% market share, but nobody else gives a hoot.

These threads might be steeped in sentimentality and luck wishing, and while the protracted won't-they-just-die business gave Autocar hacks a veritable fount of material in the dry months around December, sales have been pointing at the dirt for years. Sales pay wages, not pats on the back, not fond memories of some dog-eared 99 your weird uncle had.

Many of us will understandably show interest in a manufacturer once noted for being 'safe' and 'different', and for generating a sense of wonder at what unreasoning brand allegiance must feel like, but today Saab are little more than 'plucky'. They will never, ever succeed.

26 January 2010

[quote Autocar]Spyker has bought Saab, GM has confirmed.

GM issued a press release confirming the sale on Tuesday evening.

Autocar sources say the new Saab 9-5 and Saab 9-3 will be built at Saab's Trollhättan base, while agreement has been reached for the Saab 9-4X to be built at GM's Mexico factory.[/quote] GOOD NEWS. I wouldn't want to risk my own money on a deal like this, but wish them all the best. As the owner of a Saabillac I wonder if the BLS will re-enter production? I hope so.

26 January 2010

[quote ThwartedEfforts]Essentially, Saab was the poorest performing GM brand and come on, own up: which of you bought one?[/quote] I did.....:)...i own a 9-3 Aero 2.0 :).....and the turbo on is a sweet performer :).....im extremely happy....Congratulations Spyker.....

26 January 2010

I did also. I took the chance and bought a new Convertible and I'm REALLY pleased I did! Saab now have an opportunity to show what they're capable of doing and I want to wish them, Victor Muller and his backers all the success possible! For my part, when the new version of the 9-3 convertible comes out in 2012 or so, I'll buy one.

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