Posted by: saabnuts | February 12, 2010

Saab Sale by General Motors to Spyker Nears Completion

SAAB 99 Turbo ca. 1980

The classic Saab 99 Turbo, a visual reflection on Saab's past as we look to Saab's bright future

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February 12, 2010:

General Motors sale of Saab Automobiles to Spyker of Denmark is one step closer to being finalized.

As always, I would like to thank Mr. Mount of Saab History and Mr. Wade of Saabs United for their tireless efforts to keep Saab fans informed, and entertained along the way. Hats off to you, gentlemen!

Here is my first attempt at a news recap in a while. I apologize that I’ve simply been exhausted from work, and the year long roller coaster of Saab news while GM sought a buyer for the Swedish auto maker.

  • Reports earlier this week from Swedish government confirm that the EIB loan has government approval for Spyker.
  • Report today @ Saab History confirms that the European Investment Bank (EIB) loan in the amount of 400 million Euros is approved and on schedule for the coming conclusion of the sale of Saab to Spyker!
  • The EU (European Union) approved the loan and the other remaining approval, from the Swedish National Debt Office, appear to be in place, after their review of the loan. This represents the required state (Sweden) guarantee of the EIB loan which was a key factor in the EIB loan approval.
  • Spyker’s board has met and approved the take over / acquisition of Saab by Spyker.
  • Reports that Spyker may be publicly traded on a stock market such as London’s Stock Exchange generate additional interest (I’ll buy shares as well as cars, though I am happy to be an investor if only on the Dutch exchange, where Spyker is currently listed).
  • An announcement was made earlier this week that Spyker also secured an additional $25 million U.S. dollar loan from an investment firm owned by Heerema Holding Company, Inc. This should prove to be helpful in Spyker’s work to make Saab the world-class, PROFITABLE company that she can be, providing additional funds to produce cars, design new models, market the vehicles, etc.
  • Spyker Chairman, Vladimir Antonov has stepped down from his position on Spyker’s board in accordance with apparent demands from General Motors, the FBI, et al. There was a New York Times article published interviewing Mr. Antonov which may be of interest to readers.  I don’t know whom to believe about any of these details but it was a required step towards Saab finding new leadership for the future and survival of Saab.

That’s the news for now; the closing on the sale of Saab by General Motors to Spyker appears to be on track for Monday, February 15, 2010+/-.

It has been a long and arduous road for Saab, but there is no car manufacturer better poised to rise to the challenges ahead.

Saab’s new all wheel drive 9-5 sedan model will bring exciting and attractive cars to market, with a new Saab 9-5 wagon model to follow of the same Next Generation (NG) 9-5.

The new Saab 9-4 SUV appears to be moving forward and will bring Saab the ability to offer an attractive, and different offering to the SUV market in North America, and Spyker will be working on a new 9-3 model as well as other Saab models.

There is only one way for Saab to go from here, and that is up. Perhaps no other company is in position to adjust production numbers to meet the demands or lack thereof (due to low, global auto sales) in the marketplace.

Saab does not need to reduce production as might be the case for other manufacturers. If anything, Saab will produce their excellent new vehicles and benefit from a demand for the vehicles faster than they initially become available.

Thank you again to everyone:

  • To the webmasters who have kept us informed, shared our passion, etc. Mr. Wade (Saabs United) and Mr. Mount (Saab History) are just two of the people who come to mind.
  • Thank you to the people of General Motors who managed the sale of Saab in the face of much adversity, hurdles and obstacles. Good job as well on finding ways to turn General Motors towards profitability and saving Saab in the process. Kudos!
  • Thank you to the people who run Saab and the people who make Saabs. We would have nothing to rally around or to have such passion for, were it not for you all. We remain your devoted fans and are excited about our future with Saabs… there’s still room in the driveway for more Saabs – keep them coming!

Last of all, a thank you to the fans of Saab around the world. The displays of support for the iconic and special Saab brand have been breathtaking. Mr. Wade at Saabs United did another recent recap of the Saab Support convoys and rallys. Simply amazing.

The following is a quote from Saabs United’s convoys recap… the photos and write-ups are simply fantastic and heart warming for those of us who share this passion for Saabs.

From Saabs United:

In total, we’ve had over 70 Saab Support Convoys and by my reckoning, we’ve had nearly 6,100 vehicles and many, many more people involved in those convoys.

The full list that I’ve got recorded is as follows:

Quote from a 1970’s Saab ad campaign: “Saab: It’s what a car should be


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