Spyker’s plan to buy Saab from General Motors will be finalised within a week, after the European Investment Bank gave the green light for a 400m euro (£348m) loan.
Spyker will pay GM just $75m (£48m) to buy the ailing Swedish carmaker and Saab Spyker will have to move into healthy profit in order to pay the EIB loan back by 2015.
GM will own $326m (£208m) in Saab Spyker shares, but the shares will not have voting rights, effectively making GM a ‘sleeping partner’ when it comes to the management of the new company.
Saab CEO Jan-Ake Jonsson and Spyker boss Victor Mueller attended a Spyker shareholder meeting today that gave approval for the takeover plan. After the meeting, Jonsson said that once the EIB loan had been approved, production of the new 9-5 should begin by the end of March. Later today the EIB approved the loan.
Jonsson said he expected sales production volumes in Sweden of 100-120,000 cars by the end of 2011. 2012 will see the launch of the new 9-3 range and Saab moving into serious profitability, according to the company business plan.