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Spyker C8 Spyder T   (Source: Supercar Specs)

2010 Saab 9-3  (Source: Car Gurus)
Agreement is reportedly binding, so this story will finely be at an end

Late Tuesday General Motors reached an agreement with Dutch Spyker Cars NV to purchase the Swedish brand Saab Automobile AB, saving the brand from being shuttered.  The agreement is reportedly binding and is the result of compromises from all players and local governments.

Saab was originally to be sold last June during GM's bankruptcy house-cleaning to Swedish supercar maker Koenigsegg.  The drama began in November when the company pulled out of the deal, citing unspecified concerns.  That failed deal, along with the collapse of the Penske Automotive Group bid for Saturn, led to force-out of then-CEO Fritz Henderson.

Scrambling to find a new buyer, GM sold the assets behind Saab's 9-3 and 9-5 sedans to China's Beijing Automotive Industry Holding Corp, who will likely make clones of the luxury models.  A deal with Spyker was quickly discussed, but appeared stalled.

That impasse was finally resolved this week.  The deal was greased by a 400M € (about $568M USD) loan from the European Investment Bank (EIB), via an agreement with the Swedish government.

Swedish Minister for Industry Maud Olofsson describes, "That is a deep involvement of the government with the GM Europe. The [loan] money is not used for running the company but for development projects which will lead the future of Saab to be greener and more environmentally friendly."

John Smith, GM vice president for corporate planning and alliances cheers the sale, stating, "General Motors, Spyker Cars, and the Swedish government worked very hard and creatively for a deal that would secure a sustainable future for this unique and iconic brand, and we're all happy for the positive outcome."

Saab's facilities will cease their wind-down and the deal is expected to be finalized by mid-February, pending standard applicable regulatory, governmental and court approvals.  The new brand will carry the name Saab Spyker Automobiles and will continue the company-turned-brand's 65 year tradition, which began with the former aircraft parent company Saab's Project 92 automobile prototype.

The deal leaves GM able to focus on its core luxury offerings -- the prestigious Cadillac brand and the entry-level luxury Buick brand.



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Whilst I'd love to see Saab survive and prosper
By 306maxi on 1/27/2010 11:37:58 AM , Rating: 2
You've got to wonder....

quote:
Spyker sold 43 cars in 2008 when it posted a loss of $35m (£21m). Its first offer to GM for Saab was rejected.

Six-year-old Spyker, which sold another 23 cars in the first half of 2009, has yet to make a profit.


.... what the deal is?




RE: Whilst I'd love to see Saab survive and prosper
By R6Raven on 1/27/2010 11:40:57 AM , Rating: 2
Yeah, so we've got a Dutch company that's not currently profitable purchasing a GM brand that has only once been deemed profitable, and combining them. Is the corporate equivalent of killing two birds with one stone?


By Mitch101 on 1/27/2010 12:44:00 PM , Rating: 3
If they just kept making/selling parts for the existing SAAB's they could probably make a few bucks. Plus newer SAAB's dont look like the profile of a bottle nose dolphin.


By BikeDude on 1/27/2010 2:53:46 PM , Rating: 3
First of all... If you base your knowledge of the Saab-Spyker deal on news stories like the one we're commenting on now, then you're severly missing several crucial pieces of information.

What the reporter is not telling you:
* Saab was an integrated part of GM.
* The accounting books are complex.
* Profits from the sale of Saabs in the US went directly to GM NA. Result: Saab (on paper) made a loss for every vehicle sold (they produced the product, but never saw the money from the sale).
* GM parts are expensive. Saab's people could not help but notice that parts jumped significantly in price over a very short period of time. (80% overpriced has been mentioned)

Sources (use google translate):
http://tinyurl.com/yba7z5d
http://tinyurl.com/y9y6yon

Also worth noting: It was the old 9-5 that was sold off to China. And that deal was initiated by Koenigsegg as part of their bid for Saab. At that point they had already stopped producing the 9-5 sedan, because Saab were tooling up for the production of the all new 2010 9-5. I.e. a win-win deal for everybody involved.


By BZDTemp on 1/27/2010 12:03:37 PM , Rating: 1
Could be they just think long term. Building a luxury car brand, or rebuilding as is the case here, takes a really long time so the yearly loss could be seen as an investment.

And as for buying SAAB. Both companies have a history going back to airplanes and both companies like to do things differently. It is hard to tell for sure but comparing the price payed for SAAB with the value of a skilled work force, a good name, a lot of hardware... it could be Spyker has done a very good deal. I for one do not see it as impossible SAAB will do much better now it is no longer i GM chains.


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