The Saab Spyker Deal Is Expected To Close With GM Today

Posted on 15. Feb, 2010 by in 2010-2019

Today, the long awaited Saab Spyker deal is expected to close with GM as originally scheduled.

Radio West have recently indicated that the deal is expected to be done by the end of the day. Whether that is the end of the business day for Sweden, or the United States is uncertain. If history tells us anything then perhaps it will be before noon EST in the United States as Sweden will be wrapping up the end of their business day.

In the meantime, here’s the article below:

Today Spykers purchase of Saab Automobile’s will be clear. All of pieces of the puzzle are now in place so it’s all about GM and Spyker closing the deal.

Spykers initial payment: 350 million Swedish kronor.

The plan indicates that Spyker will complete negotiating with GM on the sale of Saab Automobile by the end of the day.

Some of the last pieces of the puzzle fell into place in the course last Friday when Spykers extraordinary congress voted for the purchase, the Swedish National Debt Office said yes to the loan guarantees and the European Investment Bank gave the green light to the loan.

If everything goes according to plan, Spyker’s first installment will be 50 million U.S. dollars to GM, equivalent to just over 350 million Swedish kronor.

Spykers CEO Victor Muller provided clarity recently about his funding a week ago with his business acquaintance, Pieter Heerema, the offshore company set up with a loan.

The rest of the money to purchase 24 million U.S. dollars is to be paid under the agreement July 15.

But most of the money that GM will want to remain in the Saab Spyker as the reference shares and paid in due course.

And an agreement between Spyker and GM must be done as soon as possible.

As long as the situation is presently, Saab can not go further and conclude agreements with its suppliers, making it impossible to get started with production.

So once a purchase agreement is completed, the Saab staff will finally begin to see a glimpse of the future where it will start building cars again, perhaps as before.

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One Response to “The Saab Spyker Deal Is Expected To Close With GM Today”

  1. max

    15. Feb, 2010

    Ryan I too am hopeful for a closing but I would not at all be surprised to see it take a few more days. My understanding is that just the paperwork alone is many many volumes. So, as long as it does happen and soon I will be happy. Here’s to hoping that your right and that it closes today. But, lets not all panic if that is not the case!

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