Financial terms have been agreed in principle - report
24 January 2010

GM is on the brink of selling Saab to Spyker, according to reports.

The Bloomberg news agency is reporting that financial terms have been agreed in principle between the two sides, and that ongoing production and management issues are the only remaining stumbling blocks.

One of these unresolved issues is the role of Vladimir Antonov, Spyker's Russian backer and company chairman, in Saab, who GM is reported to want to stand down. Another issue is the need for the Swedish government to guarantee a 400 million euro loan (£351m) from the European Investment Bank.

The report suggets Spyker will give GM $75 million (£47m) for Saab, while GM will keep another $100m (£62m) in current Saab liquidity, and $325m (£210m) in preferred shares from the new, Spyker-owned Saab company.

Reports suggest a deal could be announced this week.

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Comments
8

24 January 2010

It's like they say "There's no sentiment in making money."

They should have added that there's no humanity, respect for tradition and only corporate greed.

Good luck Spyker. I for one am looking forward to seeing the continuation of SAAB's unique take on automotive design.

24 January 2010

I really hope they go through with it... Saab do indeed need to live. And they need to get on with building that fabulous new 9-5 and maybe a new hatchback, contrary to what Spyker's plans were stated as being.

"The creative adult is the child who survived."

24 January 2010

Some encouraging news finally.....but GM, being GM....lol..you never know....looks like they've started a cold war again...haha

24 January 2010

[quote nick80]Some encouraging news finally.....but GM, being GM....lol..you never know....looks like they've started a cold war again...haha[/quote] I know, I was on a US car review site this morning and in between the comments about the 9-3 Aero being rubbish the price of servicing and replacement parts oh, and a comment about a Kia Forte being 10,000x better than anything Saab has ever produced, was quite a lot of anti-GM sentiment about Saab. So, it appears this call to arms isn't just a Swedish, o European thing.

24 January 2010

Well i'm staying optimistic and this news is good maybe GM have been listening to what a lot of people are saying about Saab lets give them the benefit of the doubt! and if they do indeed sell GM will get my loyalty again the world is a lovely place :)

24 January 2010

[quote VX220EDDIE]Well i'm staying optimistic and this news is good maybe GM have been listening to what a lot of people are saying about Saab lets give them the benefit of the doubt! and if they do indeed sell GM will get my loyalty again the world is a lovely place :)[/quote]

Have to agree with those sentiments :)

25 January 2010

So Spyker are planning on sourcing critical components from both VAG and GM? Good luck to that.

25 January 2010

[quote fuzzybear]Have to agree with those sentiments :)
[/quote]

:)

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