Autoblog http://www.autoblog.com Autoblog http://www.blogsmithmedia.com/www.autoblog.com/media/feedlogo.gif Autoblog http://www.autoblog.com en-us Copyright 2013 Weblogs, Inc. The contents of this feed are available for non-commercial use only. Blogsmith http://www.blogsmith.com/<![CDATA[GM granted 30-day extension on Spyker's Saab-related lawsuit]]>http://www.autoblog.com/2012/08/27/gm-granted-30-day-extension-on-spykers-saab-related-lawsuit/http://www.autoblog.com/2012/08/27/gm-granted-30-day-extension-on-spykers-saab-related-lawsuit/http://www.autoblog.com/2012/08/27/gm-granted-30-day-extension-on-spykers-saab-related-lawsuit/#commentsFiled under: , , ,



General Motors has asked for more time to reply to the lawsuit brought by Spyker over the Saab affair, and Spyker has agreed to extend the deadline one month until September 28. A quick refresh: Spyker has accused GM of tortious interference in Saab's dealings with the Chinese investors that might have been able to save the company, and intentionally and unlawfully driving Saab into bankruptcy.

The Dutch sports car maker is seeking $3 billion in damages, that number being its putative valuation of Saab had it worked out a deal with Chinese investor Youngman. GM's position is still that the lawsuit has no merit. You'll find Spyker's press release about the extension below.

Continue reading GM granted 30-day extension on Spyker's Saab-related lawsuit

GM granted 30-day extension on Spyker's Saab-related lawsuit originally appeared on Autoblog on Mon, 27 Aug 2012 08:59:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>general motorsgmlawsuitsaabsaab bankruptcysaab lawsuitsaab salespykervictor mulleryoungmanMon, 27 Aug 2012 08:59:00 EST http://www.autoblog.com/feed/20309003/article-comments.xml http://www.autoblog.com/feed/2012/08/27/gm-granted-30-day-extension-on-spykers-saab-related-lawsuit/20309003/article-detail.xml 20309003 http://www.blogcdn.com/www.autoblog.com/media/2012/08/saab-and-gm-dealer-signs_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2012/08/saab-and-gm-dealer-signs.jpg <![CDATA[Spyker files $3 billion lawsuit against General Motors over Saab's demise]]>http://www.autoblog.com/2012/08/06/spyker-files-3-billion-lawsuit-against-general-motors-over-saab/http://www.autoblog.com/2012/08/06/spyker-files-3-billion-lawsuit-against-general-motors-over-saab/http://www.autoblog.com/2012/08/06/spyker-files-3-billion-lawsuit-against-general-motors-over-saab/#commentsFiled under: , , , ,

Victor Muller of Spyker Cars in front of his building

"Smack." That's the sound of Spyker's process server dropping a big ol' pile of legal documents on the doorstep of The Renaissance Center, home of General Motors - or wherever GM's attorneys live during business hours. Contained therein is a Complaint, filed in the U.S. District Court for the Eastern District of Michigan and demanding a jury trial, that seeks $3 billion in damages due to "the unlawful actions GM took to avoid competition with Saab Automobile in the Chinese market." Spyker accuses GM of "tortiously interfering" with Saab's business relationship with Chinese automaker Zhejiang Youngman Lotus Automobile (Youngman), actions that Spyker CEO Victor Muller (above) said "deliberately drove Saab Automobile into bankruptcy."

(From Wikipedia: "Tortious interference, also known as intentional interference with contractual relations, in the common law of torts, occurs when a person intentionally damages the plaintiff's contractual or other business relationships.")

The interference in question specifically refers to the very last potential deal, called the Framework Agreement, that Spyker worked out with Youngman. With lots of GM engineering embedded into the 9-4X and 9-5, The General had the right to approve any Saab partnership that would involve the transfer of GM intellectual property. Spyker had been rebuffed over every previous deal with a Chinese firm, including two bids by Youngman, due to GM concerns over its IP getting into Chinese hands and having to face Chinese-market competitors using its technology. The Complaint alleges that the Framework Agreement would have put a firewall around all GM IP - Youngman would only work on Saab's Phoenix platform, said to be just about free of GM tech, and would have no access to 9-3, 9-4X or 9-5 technology until after Saab ceased all ties to GM.

Thoretically, as stated in the Complant, this should have spared Saab the need to even ask GM for permission to make the deal outlined in the Framework Agreement since it didn't involve any transfer of GM technology. GM felt differently and repeatedly, publicly proclaimed that the Framework Agreement couldn't proceed without GM's say-so, which GM would not give, and that led to Youngman walking away. It is those public proclamations by GM that Spyker alleges as tortious interference. That's the basics, but there's a lot more to be discovered in the 27-page Complaint, which can be found here.

Muller said they've been working on preparing the lawsuit since bankruptcy was declared last year, and with a view to a lengthy and heinously expensive court battle, Muller's golden touch with securing money has come through yet again: a third party has furnished Spyker with the "backing required to see the lawsuit through to the end." There's a press release below announcing the move, otherwise known as "the first shot."

Continue reading Spyker files $3 billion lawsuit against General Motors over Saab's demise

Spyker files $3 billion lawsuit against General Motors over Saab's demise originally appeared on Autoblog on Mon, 06 Aug 2012 10:27:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>general motorsgmlawsuitsaabsaab bankruptcysaab lawsuitsaab salespykervictor mulleryoungmanMon, 06 Aug 2012 10:27:00 EST http://www.autoblog.com/feed/20293974/article-comments.xml http://www.autoblog.com/feed/2012/08/06/spyker-files-3-billion-lawsuit-against-general-motors-over-saab/20293974/article-detail.xml 20293974 http://www.blogcdn.com/www.autoblog.com/media/2012/08/victor-muller-of-spyker-cars_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2012/08/victor-muller-of-spyker-cars.jpg <![CDATA[NEV deal to buy Saab delayed]]>http://www.autoblog.com/2012/08/03/nev-deal-to-buy-saab-delayed/http://www.autoblog.com/2012/08/03/nev-deal-to-buy-saab-delayed/http://www.autoblog.com/2012/08/03/nev-deal-to-buy-saab-delayed/#commentsFiled under: , , ,

Saab griffin emblem

Remember a month and a half ago when we told you that Saab will "soldier on?" Well, we should have written "stand at attention."

According to SaabsUnited, the deal for National Electric Vehicle Sweden to buy the remaining Saab assets didn't close on schedule. In fact, it's been delayed by "a month, perhaps more." NEVS also seems to have indicated that it's not going to be answering any more questions about the deal until it's completed.

NEVS is supposedly planning on building electric cars based on the design that would have been the next-generation 9-3. The company itself is a partnership between a Chinese energy company and a Japanese investment group.

NEV deal to buy Saab delayed originally appeared on Autoblog on Fri, 03 Aug 2012 13:29:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>9-3national electric vehicle swedennevssaabsaab 9-3saab bankruptcysaab saleFri, 03 Aug 2012 13:29:00 EST http://www.autoblog.com/feed/20292725/article-comments.xml http://www.autoblog.com/feed/2012/08/03/nev-deal-to-buy-saab-delayed/20292725/article-detail.xml 20292725 http://www.blogcdn.com/www.autoblog.com/media/2012/08/saab-opt_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2012/08/saab-opt.jpg <![CDATA[Saab sold! Again. Probably.]]>http://www.autoblog.com/2012/06/07/saab-sold-again-probably/http://www.autoblog.com/2012/06/07/saab-sold-again-probably/http://www.autoblog.com/2012/06/07/saab-sold-again-probably/#commentsFiled under: , , ,

Saab headquarters

You'll note that we have yet to remove Saab from the dropdown menu at the top of the Autoblog home page. Indeed, for a bankrupt company that hasn't built a new car from scratch yet this year, Saab generates a surprising amount of news, however, little of it has been the good kind. Perhaps that will all change today, as this latest report indicates that the company has actually been sold for real this time.

According to The Local, an English-language Swedish news site, the new owner of Saab is understood to be National Electric Vehicle Sweden AB, "a Swedish-registered company founded by a Hong Kong-based firm specialised in alternative energy and a Japanese investment fund."

NEVS would only confirm that it had made a bid for Saab before the April 7 deadline, according to the report, which said that court administrators also refused to comment, though an official announcement is expected later this month. The offer is said to be in the $208-$250 million range and excludes the parts operation.

The report says news of the sale was shared by the Trollhättan city manager, and though she did not know who the buyer was, she said she had been told the deal would be inked this week. Shortly after media began reporting the story, however, a public relations official for the city denied that anyone at the city knew about any deal, characterizing the leak as a "misinterpretation," according to the report.

While we have imagined many times in recent months that we had written the final word on this Swedish soap opera, clearly this isn't it.

Saab sold! Again. Probably. originally appeared on Autoblog on Thu, 07 Jun 2012 16:30:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>national electric vehicle swedennevssaabsaab bankruptcysaab saletrolhattanThu, 07 Jun 2012 16:30:00 EST http://www.autoblog.com/feed/20254035/article-comments.xml http://www.autoblog.com/feed/2012/06/07/saab-sold-again-probably/20254035/article-detail.xml 20254035 http://www.blogcdn.com/www.autoblog.com/media/2012/06/saab-hq-sign-with-flags_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2012/06/saab-hq-sign-with-flags.jpg <![CDATA[Youngman bids anew for Saab]]>http://www.autoblog.com/2012/06/01/youngman-bids-anew-for-saab/http://www.autoblog.com/2012/06/01/youngman-bids-anew-for-saab/http://www.autoblog.com/2012/06/01/youngman-bids-anew-for-saab/#commentsFiled under:

Saab logo

After withdrawing its original $492 million bid for Saab, Zhejiang Youngman Lotus Automobile has returned to the bidding with a fresh offer of $552 million, according to a report from Bloomberg. Right now, Youngman is bidding for Saab against a group comprised of a Japanese investment firm, Sun Investment and Hong Kong-based National Modern Energy Holdings.

As we told you earlier, the duo of Sun Investment and National Modern Energy Holdings has formed a new company called National Electric Vehicle Sweden, created with the sole purpose of buying up all of Saab's assets.

When approached by Automotive News Europe and Bloomberg, a spokesperson for the bankruptcy administration declined to comment on when a decision would be reached.

Youngman bids anew for Saab originally appeared on Autoblog on Fri, 01 Jun 2012 17:30:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>national modern energy holdingssaabsaab automobilesaab salesun investmentyoungmanyoungman lotusFri, 01 Jun 2012 17:30:00 EST http://www.autoblog.com/feed/20249683/article-comments.xml http://www.autoblog.com/feed/2012/06/01/youngman-bids-anew-for-saab/20249683/article-detail.xml 20249683 http://www.blogcdn.com/www.autoblog.com/media/2012/06/13-2011-saab-9-4x-fd_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2012/06/13-2011-saab-9-4x-fd.jpg <![CDATA[Saab's assets less than one-third of its debts]]>http://www.autoblog.com/2012/04/11/saabs-assets-less-than-one-third-of-its-debts/http://www.autoblog.com/2012/04/11/saabs-assets-less-than-one-third-of-its-debts/http://www.autoblog.com/2012/04/11/saabs-assets-less-than-one-third-of-its-debts/#commentsFiled under: , , , ,

Saab's Trollhatten headquarters

The Detroit News reports the sum total of the remaining Saab assets is worth less than a third of the defunct automaker's debts. All told, the company owes a hefty $1.9 billion at current conversion rates, though its total property value rings in at a comparatively paltry $532 million. The debt includes $89 million owed to former employees, $107 million to General Motors and $388 million to Sweden itself. With so many hands to feed and so few dollars to go around, Saab says only those who hold securities are likely to have their debts paid.

That means those who were employed by Saab Automobile likely won't see a dime. The horizon looks a bit more rosy for Saab Automobile Powertrain workers, however.

Saab had said the company has six or seven investors interested in saving the manufacturer's name from falling into obscurity, though it's unclear how many of those remain dedicated to the prospect currently.

Saab's assets less than one-third of its debts originally appeared on Autoblog on Wed, 11 Apr 2012 16:29:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>saabsaab assetssaab bankruptcysaab debtsaab saleswedish automobilevictor mullerWed, 11 Apr 2012 16:29:00 EST http://www.autoblog.com/feed/20213362/article-comments.xml http://www.autoblog.com/feed/2012/04/11/saabs-assets-less-than-one-third-of-its-debts/20213362/article-detail.xml 20213362 http://www.blogcdn.com/www.autoblog.com/media/2012/04/saab-trollhatten-headquarters_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2012/04/saab-trollhatten-headquarters.jpg <![CDATA["Shocked" Brightwell drops Saab bid, blames GM intransigence]]>http://www.autoblog.com/2012/02/28/shocked-brightwell-drops-saab-bid-blames-gm-intransigence/http://www.autoblog.com/2012/02/28/shocked-brightwell-drops-saab-bid-blames-gm-intransigence/http://www.autoblog.com/2012/02/28/shocked-brightwell-drops-saab-bid-blames-gm-intransigence/#commentsFiled under: , , , , ,

Saab emblem on hood with ice

Nearly three months on the Saab story is the same: company makes a bid, General Motors knocks it back. But this time, the latest round of corporate "He said/She said" puts Turkey's Brightwell Holdings on the other side of the table instead of a Chinese company. Brightwell was the other publicly identified bidder for Saab that pledged to make a bid, along with Chinese concern Youngman.

Brightwell blames GM "intransigence," a familiar epithet by now, has scuppered the possibility of a deal. GM says that's not the case, rather that a deal for Saab can't include any of the technology licensed from GM. Brightwell believed that that condition only applied to Chinese buyers, since GM's position that it didn't want to compete with another company using its intellectual property was always taken in reference to interest from companies like Youngman and Hawtei.

If GM's position is that it won't license its technology to anyone anywhere, that could alter the landscape for the six to 14 bidders rreported to be hovering over Saab's remains. Based on Youngman's last statements, it should still be in the mix, though: it pledged to make a bid for Saab that avoids GM-developed vehicles like the 9-5 and 9-4X and restarts the brand with the new 9-3 on Saab's Phoenix architecture.

Brightman hasn't ruled itself out completely yet. Having spent "millions of euros" on its bid, a firm partner said that if GM is open to discussions then he "will jump on a plane and visit them in Detroit."

"Shocked" Brightwell drops Saab bid, blames GM intransigence originally appeared on Autoblog on Tue, 28 Feb 2012 18:20:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>brightwellbrightwell holdingsgmsaabsaab bankruptcysaab bidderssaab buyersaab salesaab storyTue, 28 Feb 2012 18:20:00 EST http://www.autoblog.com/feed/20181752/article-comments.xml http://www.autoblog.com/feed/2012/02/28/shocked-brightwell-drops-saab-bid-blames-gm-intransigence/20181752/article-detail.xml 20181752 http://www.blogcdn.com/www.autoblog.com/media/2012/02/saab-logo-with-ice_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2012/02/saab-logo-with-ice.jpg <![CDATA[China's Youngman to wage new bid for Saab]]>http://www.autoblog.com/2012/01/19/chinas-youngman-to-wage-new-bid-for-saab/http://www.autoblog.com/2012/01/19/chinas-youngman-to-wage-new-bid-for-saab/http://www.autoblog.com/2012/01/19/chinas-youngman-to-wage-new-bid-for-saab/#commentsFiled under: , , , ,


Ladies and gentlemen, those of you preparing to leave the theater because you thought the Saab opera was over, well, take a seat. After sinking a fair bit of money into the troubled Swedish automaker while chasing the deal, Youngman isn't ready to walk away. According to Reuters, the Chinese firm is ready to make a new bid for the Swedish brand as soon as next week, and it could be worth more than a billion Euros. Stay with us, because as you might expect, it's a bit convoluted.

The door appeared closed on Youngman for good when General Motors, which engineered much of the technology in the 9-5 and 9-4X, said it wouldn't do a deal that risked harming its position in China (read: they feared they might lose their intellectual property rights). As it was, the Saab deal brokered with Youngman would make General Motors compete against another company for which GM was building cars and that was using GM technology. To get around that, it appears that Youngman has proposed buying Saab and not using GM tech, which, that's right, would mean walking away from the still-new 9-5 and 9-4X. Instead, Youngman would restart Saab production with a brand-new 9-3 (said to be the car in the grainy image above) and would hope to do it in as little as 15 weeks.

The Chinese company has Saab's Phoenix architecture in mind, which is ready to go and said to be essentially free of GM intellectual property. According to Just-Auto, Phoenix-based Lotus variants for China are also under consideration, but with Proton's pending sale to DRB-Hicom that plan seems a little unsure. A group of European auto suppliers headed by Bosch has traveled to China, on Youngman's dime, to investigate the possibilities and practicalities of just such a plan. As to how aggressive GM might to safeguard whatever interests it has in the Phoenix platform, the supplier-body CEO quipped, "The 9-3 is not a big risk to GM - there has to be a limit to how nasty they can be."

On top of that, there might be questions about how many of Saab's assets are still even available for purchase. Reuters said that engineering firm Semcon SMC.ST agreed to buy key Saab technology, but a report on fan site Saabs United counters that the sale was declined over factory utilization. Saabs United also says that a Youngman-built 9-3 might only be sold in China. The Youngman CEO and his daughter Rachel Pang are apparently due in Sweden next week to further the bidding process, but we should have more word on the Bosch-led supplier trip soon enough.

China's Youngman to wage new bid for Saab originally appeared on Autoblog on Thu, 19 Jan 2012 13:00:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>boschclepasaabsaab 9-3saab bankruptcysaab salesemcon smc.styoungmanyoungman lotusThu, 19 Jan 2012 13:00:00 EST http://www.autoblog.com/feed/20152085/article-comments.xml http://www.autoblog.com/feed/2012/01/19/chinas-youngman-to-wage-new-bid-for-saab/20152085/article-detail.xml 20152085 http://www.blogcdn.com/www.autoblog.com/media/2012/01/next-saab-9-3-628_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2012/01/next-saab-9-3-628.jpg <![CDATA[Saab postpones creditor meeting as talks with Chinese continue]]>http://www.autoblog.com/2011/11/20/saab-postpones-creditor-meeting-as-talks-with-chinese-continue/http://www.autoblog.com/2011/11/20/saab-postpones-creditor-meeting-as-talks-with-chinese-continue/http://www.autoblog.com/2011/11/20/saab-postpones-creditor-meeting-as-talks-with-chinese-continue/#commentsFiled under: , ,

saab logo

Saab is still working with Pang Da Automobile Trade Co. and Zhejiang Youngman Lotus Automobile Co. to keep the company out of bankruptcy. But with no final deal in place, Saab has decided to delay a November 22 meeting with creditors until the automaker can obtain financing. Saab's parent company, Swedish Automobile, was scheduled to meet with its creditors to work out a plan to repay them, but without a resolution with the Chinese, it apparently didn't have much of a plan to share with them. Swedish Automobile has not said when it will reschedule the meeting for.

Dow Jones reports that Saab Automobile AB is trying to complete the deal so that it can pay off creditors and exit creditor protection status. Swedish law prohibits any company under creditor protection from borrowing money.

Without the deal with Pang Da and Zhejiang, Saab will most likely end up entering bankruptcy. The Chinese automakers had already agreed to pay 100 million euros ($135 million U.S.), but former Saab owner General Motors proclaimed that it wouldn't license technology under the same terms to Saab's new owners. Saab is reportedly scheduled to pay November wages for "a large portion" of its employees this coming week, adding to the urgency of the situation.

Saab postpones creditor meeting as talks with Chinese continue originally appeared on Autoblog on Sun, 20 Nov 2011 17:56:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>gmpang dasaabsaab saleswedish automobileyoungmanzhejiangSun, 20 Nov 2011 17:56:00 EST http://www.autoblog.com/feed/20110367/article-comments.xml http://www.autoblog.com/feed/2011/11/20/saab-postpones-creditor-meeting-as-talks-with-chinese-continue/20110367/article-detail.xml 20110367 http://www.blogcdn.com/www.autoblog.com/media/2011/11/saab-badge-628_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2011/11/saab-badge-628.jpg <![CDATA[GM taking issue with Saab ownership change]]>http://www.autoblog.com/2011/11/04/gm-taking-issue-with-saab-ownership-change/http://www.autoblog.com/2011/11/04/gm-taking-issue-with-saab-ownership-change/http://www.autoblog.com/2011/11/04/gm-taking-issue-with-saab-ownership-change/#commentsFiled under: , , , , ,

Saab badge

Big trouble is brewing in little China. While Swedish automaker Saab was has agreed to sell itself to Pang Da Automobile Trade Co. and Zhejiang Youngman Lotus Automobile Co. for what seemingly amounts to a pittance ($142 million and up to $854 million in long-term funding), General Motors, Saab's former parent in the United States, is apparently none too pleased.

In a statement by spokesman Jim Cain, General Motors noted the following: "GM would not be able to support a change in the ownership of Saab which could negatively impact GM's existing relationships in China or otherwise adversely affect GM's interests worldwide."

How would GM's Chinese efforts be negatively impacted? Remember that Saab's current line of vehicles uses major structures and technologies developed from The General's latest parts bins. Consider, too, that GM has a major deal with SAIC, the largest automaker in China. If Pang Da and Youngman were able to procure GM's intellectual property and technologies as a result of the Saab purchase - especially at cut-rate pricing - SAIC and its costlier joint venture with General Motors would look more than a bit out of place.

According to Reuters, General Motors likely still has enough control of Saab to squash the pending sale to its would-be Chinese owners if it is in the company's best interest to do so. Plus, the Chinese authorities have yet to put their stamp of approval on the purchase of Saab. In other words, this already long and impossibly complicated story continues to get even more so.

GM taking issue with Saab ownership change originally appeared on Autoblog on Fri, 04 Nov 2011 18:45:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>general motorsgmintellectual propertypang dapangdasaabsaab saleyoungmanFri, 04 Nov 2011 18:45:00 EST http://www.autoblog.com/feed/20099207/article-comments.xml http://www.autoblog.com/feed/2011/11/04/gm-taking-issue-with-saab-ownership-change/20099207/article-detail.xml 20099207 http://www.blogcdn.com/www.autoblog.com/media/2011/11/saab-badge_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2011/11/saab-badge.jpg <![CDATA[Saab agrees to be sold to Pang Da, Youngman]]>http://www.autoblog.com/2011/10/28/saab-agrees-to-be-sold-to-pang-da-youngman/http://www.autoblog.com/2011/10/28/saab-agrees-to-be-sold-to-pang-da-youngman/http://www.autoblog.com/2011/10/28/saab-agrees-to-be-sold-to-pang-da-youngman/#commentsFiled under: , , ,

Saab Headquarters

Despite shunning a previous takeover bid earlier this month, Swedish Automobile N.V. and Chinese automakers Youngman and Pang Da have signed a memorandum of understanding for the outright purchase of Saab and Saab Great Britain for just €100 million, or around $140 million USD. The deal is still subject to the approval of various authorities, including the Chinese government, but the deal is expected to go through. Guy Lofalk, an administrator in the reorganization of Saab, has officially withdrawn his application to withdraw from reorganization. Unfortunately, this doesn't mean that Saab is completely out of the woods.

According to The New York Times, industry watchers suggest may take anywhere from $800 million to $1.5 billion to set the beleaguered automaker back on the path toward profitability, and it's unclear whether Pang Da and Youngman have the desire and the ability to invest that sort of cash into the company. At this point, Saab hasn't produced a single vehicle since spring of this year, and it remains unclear when - or even if - assembly will resume. Hit the jump for a press release on the deal.

Continue reading Saab agrees to be sold to Pang Da, Youngman

Saab agrees to be sold to Pang Da, Youngman originally appeared on Autoblog on Fri, 28 Oct 2011 09:56:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>pang dasaabsaab salesaab soldswanswedish automobilevictor mulleryoungmanFri, 28 Oct 2011 09:56:00 EST http://www.autoblog.com/feed/20092942/article-comments.xml http://www.autoblog.com/feed/2011/10/28/saab-agrees-to-be-sold-to-pang-da-youngman/20092942/article-detail.xml 20092942 http://www.blogcdn.com/www.autoblog.com/media/2011/10/saab-hq-628_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2011/10/saab-hq-628.jpg <![CDATA[Saab scores €13M order, Swedish real estate firm's property offer in the wings]]>http://www.autoblog.com/2011/06/27/saab-scores-13m-order-swedish-real-estate-firms-property-offe/http://www.autoblog.com/2011/06/27/saab-scores-13m-order-swedish-real-estate-firms-property-offe/http://www.autoblog.com/2011/06/27/saab-scores-13m-order-swedish-real-estate-firms-property-offe/#commentsFiled under: , , ,

Saab Emblem

Saab may have finally found a willing partner to buy the company's assets and lease them back to the automaker. According to Reuters, the Swedish real estate firm Hemfosa has agreed to make the move, but the complex financial situation surrounding Saab may make the deal difficult. The European Investment Bank must first sign off on the plan, and both Pangda and Youngman - two Chinese partners in the Saab dance - are also required to pay some money. Saab needs the deal to go through in order to secure short-term funding so that the manufacturer can continue to pay its employees. Right now, that's not happening.

Still, Hemfosa isn't entirely sold on picking up the Saab holdings. The properties are more valuable with the automaker in place and turning out vehicles, but since the company's future is anything but certain, there's more than a little risk involved in the deal. Reuters reports that the purchase and lease agreement is valued at around $46 million at current conversion rates.

Meanwhile, another unnamed Chinese buyer purchased a total of 582 Saab vehicles, offering an additional short-term lifeline worth €13 million, or $18.47 million USD. Even so, that's only enough cash to pay the company's workers, not its suppliers. The news wasn't enough to stop the company's union members from resigning from the automaker's board of directors.

Saab scores €13M order, Swedish real estate firm's property offer in the wings originally appeared on Autoblog on Mon, 27 Jun 2011 10:31:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>saabsaab dealsaab lifelinesaab propertysaab property salesaab salevictor mullerMon, 27 Jun 2011 10:31:00 EST http://www.autoblog.com/feed/19977313/article-comments.xml http://www.autoblog.com/feed/2011/06/27/saab-scores-13m-order-swedish-real-estate-firms-property-offe/19977313/article-detail.xml 19977313 http://www.blogcdn.com/www.autoblog.com/media/2011/06/saab-630_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2011/06/saab-630.jpg <![CDATA[Saab's hiring! 500 workers reportedly needed to boost production]]>http://www.autoblog.com/2010/03/30/saabs-hiring-500-workers-reportedly-needed-to-boost-production/http://www.autoblog.com/2010/03/30/saabs-hiring-500-workers-reportedly-needed-to-boost-production/http://www.autoblog.com/2010/03/30/saabs-hiring-500-workers-reportedly-needed-to-boost-production/#commentsFiled under: , , ,

Saab resumes production - Click above for high-res image gallery

Interested in a job in the automotive world? Saab has the news that you've been waiting for. According to AFP news service, production of Saab vehicles will be boosted to six times the current amount in just two short years. In order to meet that ambitious target, the automaker has announced that it will need the help of 500 more workers.

Spyker Cars, the new owners of Saab, announced the need for more workers in Paris last Wednesday. Spyker chief executive Victor Muller also laid out some future financial plans for the Saab brand. Muller said that Saab would receive $1 billion in support and plans for expanding the sales volume will result in overall profit by 2012.

Last year, Saab produced just 20,000 vehicles, though it produced over 90,000 in 2008 before it looked like (then) parent General Motors was fixin' to close up its Swedish shop.. By 2012, the company aims to produce 120,000 vehicles. Spyker anticipates that Saab will sell around 50,000 vehicles this year and slowly increase production until the 2012 target is met. Meeting the goals apparently requires a workforce of 4,000 people, which in turn requires 500 new workers, a sizable hiring uncommon in recent automotive history.

[Source: AFP via Google News]

Saab's hiring! 500 workers reportedly needed to boost production originally appeared on Autoblog on Tue, 30 Mar 2010 17:41:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>automotive jobsAutomotiveJobsjobsSaabsaab 9-3saab 9-5saab hiringsaab jobssaab productionsaab salesaab spykerSaab Spyker AutomobilesSaab9-3Saab9-5SaabHiringSaabJobsSaabProductionSaabSaleSaabSpykerSaabSpykerAutomobilesTue, 30 Mar 2010 17:41:00 EST http://www.autoblog.com/feed/19417453/article-comments.xml http://www.autoblog.com/feed/2010/03/30/saabs-hiring-500-workers-reportedly-needed-to-boost-production/19417453/article-detail.xml 19417453 http://www.blogcdn.com/www.autoblog.com/media/2010/03/1300613_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2010/03/1300613.jpg <![CDATA[Saab choosing trendy Royal Oak, MI as North American HQ?]]>http://www.autoblog.com/2010/03/17/saab-choosing-trendy-royal-oak-mi-as-north-american-hq/http://www.autoblog.com/2010/03/17/saab-choosing-trendy-royal-oak-mi-as-north-american-hq/http://www.autoblog.com/2010/03/17/saab-choosing-trendy-royal-oak-mi-as-north-american-hq/#commentsFiled under: ,



General Motors may have sold off Saab to Spyker for $74 million and a 50 gallon bucket of Swedish meatballs, but it appears the "Born From Jets" automaker isn't saying goodbye to Michigan altogether. The Detroit News is reporting that Saab has chosen small but trendy Royal Oak, MI as the location for the company's North American headquarters. The move makes sense given the fact that Michigan has oodles of engineering talent and many of the world's automakers and suppliers have a presence in the Mitten State. The move will be a short one as well, as WWJ radio in Detroit reports that the 60 workers will transfer from Saab's old headquarters at the Renaissance Center in downtown Detroit.

To help lure Saab to the Southeast Michigan suburbs, the state's Economic Development Authority has reportedly granted Saab a five year, $1.2 million high technology tax break. In exchange, the state of Michigan keeps 60 jobs that pay, on average, $88,000 per year and opportunity for growth in the next few years. In fact, Saab says there is potential for the company's North American headquarters to grow to 158 people by 2014. That would represent an estimated $2 million per year for the beleaguered state, a development that would turn the tax break into a win for the region.

Mike Colleran, chief operating officer of Saab Cars North America, told the DetNews that the company closed on the 13,000 square foot facility in February and employees will inhabit the building by the end of March.

[Source: The Detroit News]

Saab choosing trendy Royal Oak, MI as North American HQ? originally appeared on Autoblog on Wed, 17 Mar 2010 10:58:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>general motors saab sale spykerGeneralMotorsSaabSaleSpykermiroyal oakroyal oak michiganRoyalOakRoyalOakMichigansaab headquarterssaab hqsaab salesaab to royal oakSaabHeadquartersSaabHqSaabSaleSaabToRoyalOakspykerWed, 17 Mar 2010 10:58:00 EST http://www.autoblog.com/feed/19402583/article-comments.xml http://www.autoblog.com/feed/2010/03/17/saab-choosing-trendy-royal-oak-mi-as-north-american-hq/19402583/article-detail.xml 19402583 http://www.blogcdn.com/www.autoblog.com/media/2009/12/saab-badge_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2009/12/saab-badge.jpg <![CDATA[Finally Final: Saab sale transfer completed between GM and Spyker]]>http://www.autoblog.com/2010/02/23/finally-final-saab-sale-transfer-completed-between-gm-and-spyke/http://www.autoblog.com/2010/02/23/finally-final-saab-sale-transfer-completed-between-gm-and-spyke/http://www.autoblog.com/2010/02/23/finally-final-saab-sale-transfer-completed-between-gm-and-spyke/#commentsFiled under: , , ,

2011 Saab 9-5 - Click above for high-res image gallery

After a Mullholland's worth of twists and turns, the sale of Saab Automobile AB to Spyker Cars is complete. The official transfer of ownership from General Motors to the Dutch supercar concern occurred earlier today, and now Saab will get down to the difficult business of becoming profitable.

According to Victor Muller, CEO of Spyker Cars, a man who is fast becoming something of a folk hero in Sweden:

"Through this acquisition we add approximately 15 euros per share in equity and 60 euros of assets. With a well funded business plan in place we are looking forward to working with Saab's management on the realization of that plan and bringing exciting new products to our customers. Real Saabs, Saab Saabs."

With a compelling new 9-5 waiting in the wings and a raft of vehicles (9-3X, 9-4) just around the bend, the Swedish automaker's short-term future looks bright, but even before those new products have run their course, the real battle for sustained profitability will begin, with Saab likely needing to partner with a larger automaker to share development costs for new models.

As it is, the rumormill has been rife with return-to-form scuttlebutt, including the return of a five-door hatchback bodystyle for the next-gen 9-3 and the possibility of a '50s-era teardrop-inspired 9-2 model that would seem to jibe with Muller's "Real Saab, Saab Saabs" comment. Will the promise of such models be enough to see the Griffin rise triumphantly from the ashes? If the build-up to the handover of the brand is any indication, Saab's revival effort is at least going to be one hell of a spectacle. Official statements from both Spyker and GM available after the jump.


Gallery: 2010 Saab 9-5


[Sources: Spyker Cars, General Motors]

Continue reading Finally Final: Saab sale transfer completed between GM and Spyker

Finally Final: Saab sale transfer completed between GM and Spyker originally appeared on Autoblog on Tue, 23 Feb 2010 12:27:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>9-5breakingbreaking newsbreakingnewsGeneral MotorsGeneralMotorsGMSaabSaab 9-5saab saleSaab9-5SaabSaleSpykerSpyker CarsSpykerCarsVictor MullerVictorMullerTue, 23 Feb 2010 12:27:00 EST http://www.autoblog.com/feed/19369953/article-comments.xml http://www.autoblog.com/feed/2010/02/23/finally-final-saab-sale-transfer-completed-between-gm-and-spyke/19369953/article-detail.xml 19369953 http://www.blogcdn.com/www.autoblog.com/media/2010/02/saab-95-ff-large630-rise_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2010/02/saab-95-ff-large630-rise.jpg <![CDATA[Report: Saab dealers stumping up $24M in unsolicited funds to make Spyker deal a reality]]>http://www.autoblog.com/2010/02/08/report-saab-dealers-stumping-up-24m-in-unsolicited-funds-to-ma/http://www.autoblog.com/2010/02/08/report-saab-dealers-stumping-up-24m-in-unsolicited-funds-to-ma/http://www.autoblog.com/2010/02/08/report-saab-dealers-stumping-up-24m-in-unsolicited-funds-to-ma/#commentsFiled under: ,



Spyker's deal to purchase General Motors' ailing Saab division out of the throes of insolvency appears to be moving along quite nicely. Production of vehicles is underway, a plan is in place to launch critical new models and the European Union has approved of a European Investment Bank loan of 400 million-euros ($546 million) to Spyker.

It would seem that the road to a successful acquisition is so sure that the executive committee of Saab dealers have made an unsolicited offer of $24 million dollars to help Spyker complete the deal. Peter Hallberg, president of the association, said, "Those of us close to the business think that there's substance to Spyker's business plan for Saab, and that there are no great, imminent risks."

What's more, Spyker has just reported that it has entered into an agreement to secure a $25 million convertible loan from an investment company owned by Heerema Holding Company Inc. that's conditional on the EIB's aforementioned $546 million loan. Details can be found in the press release after the break.

[Source: New York Times, Spyker]

Continue reading Report: Saab dealers stumping up $24M in unsolicited funds to make Spyker deal a reality

Report: Saab dealers stumping up $24M in unsolicited funds to make Spyker deal a reality originally appeared on Autoblog on Mon, 08 Feb 2010 18:01:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>executive committee of saab dealersExecutiveCommitteeOfSaabDealersheeremaheerema holding companyHeeremaHoldingCompanysaabsaab loansaab salesaab spykerSaab Spyker AutomobilesSaabLoanSaabSaleSaabSpykerSaabSpykerAutomobilesspykerMon, 08 Feb 2010 18:01:00 EST http://www.autoblog.com/feed/19349306/article-comments.xml http://www.autoblog.com/feed/2010/02/08/report-saab-dealers-stumping-up-24m-in-unsolicited-funds-to-ma/19349306/article-detail.xml 19349306 http://www.blogcdn.com/www.autoblog.com/media/2009/12/saab-badge_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2009/12/saab-badge.jpg <![CDATA[Spyker releases more details on Saab purchase, promises new 9-3 for 2012]]>http://www.autoblog.com/2010/02/02/spyker-releases-more-details-on-saab-purchase-promises-new-9-3/http://www.autoblog.com/2010/02/02/spyker-releases-more-details-on-saab-purchase-promises-new-9-3/http://www.autoblog.com/2010/02/02/spyker-releases-more-details-on-saab-purchase-promises-new-9-3/#commentsFiled under: , , ,



The long saga of Saab has generated a lot of headlines for us in the past few months. The latest was word that the deal between General Motors and Spyker was initially rejected because of the fact that one of Spyker's investors was tied to the Russian mafia. It wasn't until the Antonov Group was bought out, allegedly, that the deal proceeded.

Today we received a press release from Spyker giving a few more details about its rationale for buying Saab, and it hints of what's in store for the brand now that the tiny Dutch supercar maker has agreed to purchase this Swedish stalwart. Spyker says that they want to rebuild Saab's global reputation, repositioning the brand as "an independent performance-oriented niche car company with an industry-leading environmental strategy." Spyker also says that it is committed to allowing Saab to run its own business plan under its own management. That business plan has been analyzed by Spyker and its advisers, Booz & Co and KPMG Transaction Services. Even the Swedish Government and the European Investment Bank signed off on the blueprints.

Spyker plans to rename the company, swapping the current Spyker Cars N.V. for Saab Spyker Automobiles NV ("Saab Spyker"). The two branches will continue to run separately, with Spyker marching forward with their exotic lineup and Saab developing "three to four model lines." Key news includes:
  • 9-3 - All-new sedan, hatchback, sports estate, X and convertible models in 2012
  • 9-5 - Sedan, sports estate and X models due summer 2010
  • 9-4X - for both the U.S. and European markets due early 2011
  • 9-1 - a fourth, smaller car line that would require more funding if it gets greenlighted
Spyker is anticipating sales of 100,000 to 125,000 Saabs a year with production continuing in Trollhättan. The 9-4X, however, will be built in Mexico. While the sale should be final in February, Spyker expects to work with GM for a bit longer, gradually reducing their GM dependency as they transition to other suppliers down the road.

Saab and Spyker should both benefit from the deal by sharing engineering know-how, assets and technology. Spyker gets access to a network of 1,100 Saab dealerships around the world, and merchandising, promotion & event sponsorship can be combined. Even parts and components will be engineered to be common in both lines of cars. It strikes us as a pretty ambitious plan, though they seem like they're off to a good start having already secured the $1 billion they think they need to ensure Saab's future. You can read even more details in the presser after the jump.

[Source: Spyker Cars]

Continue reading Spyker releases more details on Saab purchase, promises new 9-3 for 2012

Spyker releases more details on Saab purchase, promises new 9-3 for 2012 originally appeared on Autoblog on Tue, 02 Feb 2010 11:30:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>gmGM Saabgm saab saleGmSaabGmSaabSaleSaabSaab ownerSaab ownershipsaab saleSaabOwnerSaabOwnershipSaabSalespykerspyker SaabSpykerSaabTue, 02 Feb 2010 11:30:00 EST http://www.autoblog.com/feed/19341059/article-comments.xml http://www.autoblog.com/feed/2010/02/02/spyker-releases-more-details-on-saab-purchase-promises-new-9-3/19341059/article-detail.xml 19341059 http://www.blogcdn.com/www.autoblog.com/media/2010/02/jan-5-2010-saab-rally--3opta_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2010/02/jan-5-2010-saab-rally--3opta.jpg <![CDATA[Report: Saab 9-5 sales will start in U.S. in the second quarter]]>http://www.autoblog.com/2010/01/27/report-saab-9-5-sales-will-start-in-u-s-in-the-second-quarter/http://www.autoblog.com/2010/01/27/report-saab-9-5-sales-will-start-in-u-s-in-the-second-quarter/http://www.autoblog.com/2010/01/27/report-saab-9-5-sales-will-start-in-u-s-in-the-second-quarter/#commentsFiled under: , , , , , , ,

Coming to a Saab Spyker dealer near you by Spring - Click above for high-res image gallery

We had an interesting chat with a Saab mechanic in Hollywood yesterday. Naturally, he was overcome with great joy over the fact that Spyker saved Saab. What made the conversation interesting was his asking us if there will be a 2010 Saab 9-5? Dunno. Er, didn't know. But that was then. Today we feel pretty confident that there will not be a 2010 Saab 9-5. kind of exactly how there's no 1983 Corvette, minus the haggard sales saga.

However, according to a report by Edmunds Auto Observer, there will in fact be a 2011 Saab 9-5. Spyker is set to ramp up production of the new car in April and begin selling Saabs to us American types at some point during the second quarter. Did we say Saabs? We meant to say Saab Spykers, as the new cars may be called. Regardless, anything introduced to the market during May or June of a given year will be labeled as next year's model. Hence, the 2011 Saab Spyker 9-5.

The Auto Observer is also confirming that the Saab (Spyker) 9-4 will also go on sale at some unspecified future date. The 9-4 and 9-4X are based on General Motors' Theta Premium architecture - the same platform used by the Cadillac SRX. Since so much parts sharing will be going on (the 9-5 will come with at least three General Motors engines), GM will continue supplying parts to Saab Spyker for many moons, and as such have a vested interest in the new company doing well. Not too well of course, as Saab will now be free to compete head-to-head with GM brands Buick and/or Cadillac.

One last thing, and this is a plea from our Saab mechanic friend more then anything else: here's hoping Saab Spyker has the good sense to remount Saab motors longitudinally and backwards, rather than sideways, especially when a new 9-3 shows up, as that set up really is a trait of the Griffin.


Gallery: Frankfurt 2009: 2010 Saab 9-5


[Source: Auto Observer]

Report: Saab 9-5 sales will start in U.S. in the second quarter originally appeared on Autoblog on Wed, 27 Jan 2010 16:41:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>2011 9-52011 Saab 9-520119-52011Saab9-59-49-4X9-5General MotorsGeneralMotorsGMSaabSaab 9-4Saab 9-4XSaab 9-5Saab SaleSaab SpykerSaab9-4Saab9-4xSaab9-5SaabSaleSaabSpykerSpykerWed, 27 Jan 2010 16:41:00 EST http://www.autoblog.com/feed/19333864/article-comments.xml http://www.autoblog.com/feed/2010/01/27/report-saab-9-5-sales-will-start-in-u-s-in-the-second-quarter/19333864/article-detail.xml 19333864 http://www.blogcdn.com/www.autoblog.com/media/2010/01/griffin630_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2010/01/griffin630.jpg <![CDATA[Autoblog Podcast #163 - Paukert Re-Redux]]>http://www.autoblog.com/2010/01/26/autoblog-podcast-163-paukert-re-redux/http://www.autoblog.com/2010/01/26/autoblog-podcast-163-paukert-re-redux/http://www.autoblog.com/2010/01/26/autoblog-podcast-163-paukert-re-redux/#commentsFiled under: , , , , , , , , , , , , ,

Click above for the Autoblog Podcast in iTunes, RSS or listen now!

Episode #163 of the Autoblog Podcast is here and Chris Paukert once again adds his insight as he's fast becoming the fourth regular member of the crew. First up we peek into the Autoblog Garage, occupied this week by a Nissan Versa, Audi S4, and a Mercedes-Benz S400 Hybrid. Topics follow, with our first drive of the 2011 BMW 5 Series starting us off before we move on to Ed Whitacre's new status as official General Motors CEO and get all misty about the uncertain fortunes of Saab (glad that's been cleared up.) Toyota's most recent recall for its throttle issue, the 2011 BMW 335is, and rumors of a 50th anniversary edition Ford Mustang with independent rear suspension finish us off before we take some questions and call it a night.

Until next week, hit up Joystiq and Engadget - there's going to be big Apple Tablet news soon! Let us know what you think of our podcast by dropping us an email at Podcast at Autoblog dot com, reviewing the show in iTunes, filling out our survey, or even leaving us a voicemail on our Google Voice line 734-288-8POD (734-288-8763). Thanks for listening!

Continue reading Autoblog Podcast #163 - Paukert Re-Redux

Autoblog Podcast #163 - Paukert Re-Redux originally appeared on Autoblog on Tue, 26 Jan 2010 17:15:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>2011 bmw2011 BMW 335i coupe and convertible2011 bmw 335is2011 bmw 5 series2011Bmw2011Bmw335iCoupeAndConvertible2011Bmw335is2011Bmw5Seriesaudi s4AudiS4autoblog podcastAutoblogPodcastbmw 3-seriesbmw 335bmw 5BMW 5 seriesBMW 5-seriesbmw 535Bmw3-seriesBmw335Bmw5Bmw5-seriesBmw535Bmw5Seriesed whitacreEdWhitacrefeaturedford mustangFordMustanggm ceogm ceo whitacregm spyker saabGmCeoGmCeoWhitacreGmSpykerSaabmercedesMercedes BenzMercedes S400Mercedes S400 BlueHybridMercedes S400 Hybridmercedes-benzMercedes-Benz S400Mercedes-Benz S400 BlueHYBRIDMercedes-Benz S400 HybridMercedes-benzS400Mercedes-benzS400BluehybridMercedes-benzS400HybridMercedesBenzMercedesS400MercedesS400BluehybridMercedesS400Hybridmustang irsMustangIrsnissan versaNissanVersapodcastsaab salesaab spykerSaab Spyker AutomobilesSaabSaleSaabSpykerSaabSpykerAutomobilesspyker saabSpykerSaabtoyota recallToyotaRecallTue, 26 Jan 2010 17:15:00 ESTAutoblog Podcast #163Autoblog01:33:04autoblog podcast; mustang irs; ford mustang; bmw 5 series; bmw 335is; 2011 bmw; toyota recall; whitacre ceo; general motors whitacre; spyker saab http://www.autoblog.com/feed/19332358/article-comments.xml http://www.autoblog.com/feed/2010/01/26/autoblog-podcast-163-paukert-re-redux/19332358/article-detail.xml 19332358 http://www.blogcdn.com/www.autoblog.com/media/2009/12/autoblog-podcast-3_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2009/12/autoblog-podcast-3.jpg <![CDATA[BREAKING: GM reaches agreement to sell Saab to Spyker!]]>http://www.autoblog.com/2010/01/26/breaking-gm-reaches-agreement-to-saab-to-spyker/http://www.autoblog.com/2010/01/26/breaking-gm-reaches-agreement-to-saab-to-spyker/http://www.autoblog.com/2010/01/26/breaking-gm-reaches-agreement-to-saab-to-spyker/#commentsFiled under: , , , , ,



What a long, strange trip it's been. Every thriller must have an endgame, although whether the guy gets the girl in the end or just plain "gets it" is often in doubt right until the final frame. This afternoon, after a most improbable and tortured saga, General Motors has finally agreed to sell Saab to Spyker Cars.

The tiny Dutch supercar manufacturer and its backers have outlasted all comers, including everyone from Koenigsegg to investment consortium Merbanco to a joint bid by Genii Capital and Formula One mastermind Bernie Ecclestone. More significantly, they've endured GM and its negotiators, submitting and re-submitting a series of bids to finally bring together the winning package.

Complete details of the transaction have yet to be fully disclosed, but it's understood to include Spyker giving GM $74 million up front, along with allowing The General to pocket a further $326 million in preferred shares from the new Spyker-owned entity. The deal requires that the Swedish government agree to guarantee a 400 million-euro loan from the European Investment Bank (EIB), a step that is expected to be consummated in February.

As part of the agreement, Spyker chairman Vladimir Antonov has agreed to step down, a move reportedly key to GM's interests in keeping its intellectual property sequestered from Russian hands.

With Saab's operations already partially "wound down" from GM's liquidation moves following the collapse of the earlier Koenigsegg deal, it will be interesting to see how quickly Spyker can get the Swedish marque's operations back up to speed, including delivery of the 2011 9-5 sedan, a promising vehicle range that was likely the linchpin holding the whole deal together.

Interestingly, after this protracted and very public battle, Saab may actually have more visibility and consumer goodwill built up than it has in decades. Whether this will translate to additional sales or fall by the wayside remains to be seen. General Motors could also potentially see a bit of public cordiality from seeing this process through, as it will also have proven that it can successfully spin off one of its properties, something that was in doubt after the caving-in of the Saturn sale to Roger Penske and what looks to be an increasingly tenuous sale of its Hummer brand to China's Sichuan Tengzhong. Click through to the jump for the official press release from General Motors.


Gallery: Saab - A History in Pictures


[Sources: General Motors, The Wall Street Journal, Bloomberg]

Continue reading BREAKING: GM reaches agreement to sell Saab to Spyker!

BREAKING: GM reaches agreement to sell Saab to Spyker! originally appeared on Autoblog on Tue, 26 Jan 2010 13:10:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>Bernie EcclestoneBernieEcclestonebreakingbreakingnewsEIBGeneral motorsGeneralMotorsGMkoenigseggmerbancosaabsaab saleSaabSalespykerSpyker carsSpykerCarsVladimir AntonovVladimirAntonovTue, 26 Jan 2010 13:10:00 EST http://www.autoblog.com/feed/19332268/article-comments.xml http://www.autoblog.com/feed/2010/01/26/breaking-gm-reaches-agreement-to-saab-to-spyker/19332268/article-detail.xml 19332268 http://www.blogcdn.com/www.autoblog.com/media/2010/01/jan-5-2010-saab-rally--3opta_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2010/01/jan-5-2010-saab-rally--3opta.jpg -1 2