Spyker Pays $74 Million for Saab

Saab Spyker will take off with a new flagship, the Saab 9-5, based on the underpinnings of the Opel Insignia/Buick Regal

• Other new products in the pipeline are the 9-4X, which will be built by GM

• GM will also continue to produce powertrain components for other new Saab models

• Previous Chinese deal involves old technology/designs

By Henny Hemmes
Senior European Editor

AMSTERDAM - January 27, 2010: Spyker reached a deal Tuesday night (GMT) with General Motors for the take over of Saab. Tuesday morning I spoke to Victor Muller,

New Saab 9-5

CEO of the Dutch sports car manufacturer, who by that time could only say that he was in Stockholm and that there was “no deal yet”. ”So much has happened after we last spoke each other at the LA Auto Show in December…”, Muller said

After the news broke, Muller later said in a telephone interview with a Dutch late night show that he was exhausted after five days negotiations and little sleep.

In a press release, Spyker says that the deal will probably be official next month. By that day, $50 million will be payable, the other $24 million will be paid by Spyker on July 15.

Part of the agreement is that Saab remains an independent car manufacturer and that the dismantling of Saab, that GM initiated in December, will be stopped immediately.

Spyker gets all shares of Saab Automobile A.B., as well as ownership of the Trollh�ttan plant. GM will get preferred shares for an amount of $326 million and provide technology to the new company. Nick Reilly, President of GM Europe said that GM always hoped to find a positive solution for the Swedish division: “GM will support Saab and SPyker Cars on their road ahead.”

The European Investment Bank EIB will provide a loan that is guaranteed by the Swedish government, who also agreed to this Monday afternoon. The European Committee has to approve the guarantee, and is expected to do so shortly.

Spyker intends to rename Spyker Cars N.V. into Saab Spyker Automobiles N.V.

We will talk to Muller in a later stage and get more background on this spectacular deal, so stay tuned.