September 16, 2014

Spyker buys Saab – deal done?

Victor Muller seems to have completed the deal for Spyker to buy Saab

Spyker boss Victor Muller seems to have concluded a deal with GM to buy Saab in a deal worth around $500 million.

In what is probably the most public and drawn out sale of a car maker in history (we came to the conclusion that GM didn’t want to sell Saab) it would seem as if the soap opera that is Saab is finally drawing to a close, with reports coming in that – bar a few details – Spyker has agreed a deal to buy Saab from GM.

According to Bloomberg the remaining obstacles are Spyker Chairman (and the main Spyker backer through Convers Bank) Vladimir Antonov who will have to step down in his role as Chairman, and the receipt of an EIB loan of €400 million which needs the backing of the Swedish Government. But both these are do-able.

Spyker are to pay GM $75 million; GM keeps $100 million Saab has in the bank and gets a further $325 million in preference shares in the new Spyker-owned Saab.

In a separate report we’re hearing that Spyker has delivered one of its own cars to the Saab museum in Trollhattan in preparation for an announcement of the deal in the next few days. Which if they’ve gone as far as preparing the backdrop for the sale announcement must make it a done deal.

Victor Muller can finally have a decent night’s sleep.

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