Spyker statement on Saab purchase
27/01/10 11:05 Filed in: News
General Motors Company and Spyker Cars N.V, late yesterday confirmed the details of a binding agreement over the transfer of ownership of Saab Automobile AB of Trollhättan, Sweden.
The transaction is expected be finalised in February and Saab will then come out of the wind-down process set in motion by GM.
The purchase price will be US$74 million paid in two instalments. The purchase agreementis subject to the implementation of a €400 million loan between Saab and the European Investment Bank (“EIB”), guaranteed by the Swedish Government. The new Saab 9-5 already in production at Trollhattan
The Swedish government has approved the guarantee, but it is subject to approval by the European Commission.
Contrary to some media reports, Spyker is purchasing Saab as a complete entity and going concern. Included in the deal are all intellectual property rights, trademarks, facilities and other infrastructure.
Spyker also say 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. They add that Saab has already started the production of the new generation Saab 9-5 in Trollhättan.