Saab is finally in the hands of Spyker as a deal with GM is concluded
GM has finally found a deal it can live with and Spyker are to take control of Saab.
I know, you’ve seen headlines that say something similar once or twice before. But finally – after what seems an age of negotiation and a real flurry of activity yesterday – the deal for Spyker to buy Saab from GM has been done.
Although we remained sceptical this morning that a deal was imminent, the suspension of trading in Spyker’s shares today did point to a major announcement being imminent.
The terms of the deal are the same as we reported yesterday – a $500 million package with Spyker divvying up $74 million, GM keeping $100 million Saab has in the bank and also getting $326 million of shares in Saab and the Swedish Government stumping up a guarantee on a €400 EIB Loan. And, as we said yesterday, Spyker’s Chairman Vladimir Antonov will step aside.
Spyker will now have to get Saab back in business as quickly as possible. It has the new Saab 9-5 to play with and – as we reported earlier today – the Saab 9-4X is waiting in the wings. And it’s perfectly possible that there could be a chunk of ‘Sympathy’ sales as the public do their bit to help Spyker resurrect Saab.
So finally, deal done.
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