Spyker seals Saab sale

Netherlands-based boutique supercar brand (and one-time F1 protagonist) Spyker has announced it has agreed terms to purchase Swedish prestige marque Saab. The on-again off-again deal was thought to be dead and buried in December.

Under the complicated in-part Swedish Government guaranteed purchase, Saab will escape bankruptcy, and it assets (both in terms of 'hard' and intellectual property) will be rolled into the renamed, Saab Spyker Automobiles NV.

The stated aim of the new operation is to rebuild Saab into a viable standalone carmaker. The purchase includes Saab's wholly owned sales and distribution arm in the UK.

"In spite of media reports that certain parts have already been sold off, the object is Saab as a complete entity and going concern with all IP rights, trademarks, facilities and other infrastructures," Spyker's acquisition announcement stated.

"The sale of pre 2003 Saab 9-3 and current Saab 9-5 technology to BAIC in December 2009 did not result in any part of Saab's business being divested or devalued. On the contrary, Saab has already started the production of the new-generation Saab 9-5 in Trollhättan," Spyker stated last night.

Under the deal, Spyker has purchased the Saab business for US$74m. The price will be paid in two instalments and GM will retain an interest, though less than 1 per cent of Saab's voting stock. The Spyker deal is conditional upon a Euro 400 million loan agreement between Saab and the European Investment Bank, guaranteed by the Swedish Government. The Swedish Government has announced approval of this guarantee, which is also expected to receive prompt approval from the European Commission.

GM will be entitled to a share of the new Saab's future profits. Payments of any such dividends will be deferred until after 2013.

On the announcement of the deal, Victor Muller (pictured), Spyker's CEO and major shareholder stated: "We are very much looking forward to being part of the next chapter in Saab's illustrious history. Saab is an iconic brand that we are honoured to shepherd. We are delighted to have secured the jobs and livelihoods of thousands of loyal Saab employees, suppliers and dealers and to have given reassurance to the 1.5 million Saab drivers and enthusiasts around the world.

"It was breathtaking to see so much support from the global Saab community over the last months which not only shows the strength of the brand but also helped us in our relentless determination to get the deal done," Muller stated.

"Spyker Cars will provide Saab with the backing required to compete as a competitive global brand along with an entrepreneurial leadership team sensitive to the uniqueness, heritage and individuality of the Saab brand."

CEO of Saab CEO Jan Åke Jonsson said: "It has been a challenging 15 months for Saab but our global organisation has shown a fighting spirit that will serve us well going forward. The agreement with Spyker Cars has secured Saab's future and will enable us to maximise the brand's potential through an exciting new product line-up with a distinctly Saab character."

"Today's news is great for Saab's customers, dealers, suppliers and employees around the globe... Now we aim to get back to the execution of our business plan and with the continued support of our employees and business partners I am confident we will succeed."

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