Swedish Saab Dealers Offer Help

By Henny Hemmes
Senior European Editor
Amsterdm Bureau
The Auto Channel

AMSTERDAM NL, February 6, 2010; Swedish Saab dealers want to financially support Spyker Cars, in case the Dutch company needs money to buy Saab from GM.

According to the Swedish financial daily newspaper ‘Dagens Industrie’ the Saab dealers will be able to find the 17 million euro that Spyker needs for the second payment to GM. A spokesman said to Dagens that he does not doubt that Spyker can find financing itself, but “if they ask for it, we can help.”

GM agreed to sell Saab Automobiles to Spyker for 52.5 million euro cash and 231 million euro in preferred shares. As part of the cash deal, some 17 million euro are payable on July 15. Spyker CEO Victor Muller is said to be looking for sources for this amount.

This coming week in Zeewolde, Spyker’s residence, there will be a shareholders meeting, that has to agree with the take over.

Also the European Commission has to agree with the deal that incorporates the guarantee of the Swedish government for a 400 million euro loan of the European Investment Bank EIG to Spyker Cars.

Also the Swedish Riksgälden, a government division overseeing sending of government money, has to agree. They started an investigation with respect to the deal with Spyker.

Saab expects to make a profit in 2012. That should be realized with sales of the new 9-5, the 9-5 estate, that will arrive in fall and the new 9-3, that is due by the end of 2011 and will be of the same size as the Chevrolet Cruze.