Saab sold to Spyker

By Graeme Lambert

27th January 2010

	It is expected that the transaction will be finalised next month at which point the real challenge for the iconic Swedish brand will just be beginning.

Saab has been saved from the scrap heap!

On Tuesday Dutch supercar maker Spyker confirmed it had completed a deal to buy the ailing Swedish marque from owner General Motors.

The American group had been in talks with Swedish company Koenigsegg until late last year when the deal fell through. Spyker was one of three potential saviours, including one backed by Formula One supremo Bernie Ecclestone, to step in after the original deal fell through.

Always a favourite of owner GM, the Dutch company has closely followed the proposed business plan laid out by Koenigsegg, which will allow Saab to become profitable with annual sales of less than 100,000 units.

The sale still requires a loan from the European Investment Bank, and Swedish government approval, but early indications are good. Spyker intends to form a new company, Saab Spyker Automobiles and will pay GM £47 million. General Motors will retain over £250 million in Saab liquidity and preferred shares of the new venture.

Saab managing director Jan Ake Jonsson will return to his post as liquidators are immediately instructed to step down. The next generation 9-5 and current 9-3, including the convertible, are to be manufactured in the brand’s hometown factory of Trollhattan while an agreement has been reached for the forthcoming 9-4X to be built at GM’s Mexico factory.

It is expected that the transaction will be finalised next month at which point the real challenge for the iconic Swedish brand will just be beginning.

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