General Motors and Spyker Cars announced yesterday (Jan 26) that a takeover of Saab would be completed by February 15. According to the Dutch sportscar manufacturer, the company will be bought for a total of US$74 million (about £46 million), which will be paid in two instalments between February and July of this year. Although subject to a €400 million (£350 million) loan agreement between Saab and the European Investment Bank, the takeover appears to be imminent.
The move will not come as a shock to anyone who has had an ear to the ground over recent months. In October 2009, Koenigsegg were on the brink of buying Saab from GM as a result of the American firm's financial problems. However, during the final stages of negotiations the planned takeover fell through, so leaving Saab open to other bidders.
The change of ownership appears to be a welcome occurrence for both companies. Saab has assets in the region of 1 billion Euros (£890 million) that could prove useful to a relatively small firm such as Spyker. On the other hand, Saab has not been sitting pretty with a stark fall in production figures over recent years, producing only 39,903 cars in 2009 compared to its total of 89,086 cars in 2008. In terms of employment, Spyker's takeover could have saved up to 3,000 jobs for the Trollhattan company.
Both Saab and Spyker are unerringly positive about the situation. Victor Muller, Spyker CEO, stated: "We are very much looking forward to being part of the next chapter in Saab's illustrious history. Saab is an iconic brand that we are honoured to shepherd."
Jan Ake Jonsson, CEO at Saab said: "The agreement with Spyker Cars has secured Saab's future and will enable us to maximize the brand's future potential through an exciting new product line-up with a distinctly Saab character".
With production of the next generation 9-5 already in production, it will be interesting to note just how much of that 'Saab character' remains intact.
Kieran Fitzpatrick - 27 Jan 2010