Tag Archives: Amsterdam

EIB APPROVES LOAN TO SAAB AUTOMOBILE AB

Posted on 12. Feb, 2010 by .

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This official press release just in from from Spyker Cars with regards to the EIB loan Approval.

EIB APPROVES LOAN TO SAAB AUTOMOBILE AB

ZEEWOLDE, The Netherlands (12 February, 2010) – The EIB has today approved a loan to Saab Automobile for €400 million. A statement on the EIB’s website reads:

The EIB has confirmed the authorisation to conclude the EUR 400 million loan to SAAB Automobile AB in accordance with the terms and conditions approved by the Board of Directors on 21 October 2009 and to conclude the guarantee agreement with the Swedish National Debt Office, as the loan is subject to a state guarantee which the Swedish Government approved on 26 January 2010. The EU Commission approved the Swedish state-guarantee for the Bank’s loan to SAAB on 8 February 2010.

Victor Muller, Spyker CEO said: “We are extremely pleased with the decision by the EIB as this was a crucial component in enabling the acquisition of Saab to proceed. Months of hard work have paid off. We cannot wait to close this transaction now as soon as practically possible. We extend our gratitude to the EIB officials who have worked relentlessly to make this happen.”

Jan Åke Jonsson, Saab CEO, said: “This represents another milestone along the path towards the creation of an independent Saab. This is very good news and everyone at Saab should feel very positive now.”

In a separate development, Spyker shareholders at an Extraordinary General Meeting in Zeewolde today approved the intended transaction to acquire Saab. The proposal was carried with an overwhelming majority.

Victor Muller said: “Today’s meeting went very smoothly and we spent a lot of time explaining the transaction in great detail. We also announced that we are currently investigating the possibilities of listing Spyker at the London Stock Exchange by means of a dual listing and possibly in the future in Stockholm, in which case the listing in Amsterdam would eventually be terminated. However, I stress that this is still in the investigation phase and no such decision has been made yet.

“We postponed the decision to change the name of Spyker Cars N.V. to Saab Spyker Automobiles because we need to reach agreement with Swedish aircraft manufacturer Saab AB on the possible use of the Saab trademark in our corporate name. We expect this issue to be resolved at Spyker’s Annual General Meeting, scheduled for April 22 2010.”

-Ends-

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GM wants $450 million for Saab Automobile

Posted on 11. Jan, 2010 by .

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TTELA via the Swedish wire indicates that GM wants $450 Million USD (3,164,001,805 Billion SEK).

General Motors took a step closer to shutting down its loss-making Swedish Saab unit Monday as CEO Edward Whitacre said that none of the bidders had submitted an offer that was good enough.

“They were not financially strong enough. It takes more money”, he told the TT news wire at the Detroit auto show.

Although saying that the managers of GM had decided to wind down the Swedish carmaker, he has not closed the door completely. If someone turns up with “a lot of money really quick” he’s ready to sell.

“Give us 450 million dollar and we have a totally different situation”.

Last day to put forward new bids is tomorrow, Tuesday, Edward Whitacre said.

Last Friday GM decided on the liquidation of Saab and appointed restructuring group AlixPartners to supervise the orderly wind down.

“We are closing Saab,” Edward Whitacre told reporters at the Detroit auto show, Dow Jones Newswire reported. “We’re winding it down.”

Several groups, including Dutch sportscar maker Spyker and a group comprised of Formula One boss Bernie Ecclestone and a Luxembourg investment firm, have said they presented GM with last-ditch bids to rescue Saab.

Shares in Spyker tumbled more than 10 percent in Amsterdam Monday after Edward Whitacre’s statement.

“The stock has gone up because everyone was hoping the bid would go through. Now it’s likely it is going down because people are losing hope,” Theodoor Gilissen private banker Andre Sirks told Reuters.

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Today Marks The Final Day For Parties To Submit Bids

Posted on 07. Jan, 2010 by .

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Today marks the final day for the interested parties to submit their bids. Here’s hoping there some positive result with the bids.

There are two new anonymous Swedish bidders that have apparently entered the pool of candidates recently and want to get their proposals into Deutche Bank today, who have been handling the process for GM, according to Reuters.

It is my understanding that without any secured EIB statement from the Swedish Government to any party, the bids will once again be rejected. Here’s hoping I am wrong on this matter, but all comes down to that.

Here’s a piece below by Reuters discussing today’s deadline for the bids.

STOCKHOLM/AMSTERDAM, Jan 7 (Reuters) – Bidders in Sweden and the Netherlands made last-ditch efforts on Thursday to buy General Motors [GM.UL]-owned Saab, as the deadline for its sale loomed threatening the Swedish car brand with closure.

Two anonymous Swedish groups are likely to enter last-minute bids proposing management buy-outs of Saab, a Swedish business daily reported, quoting a Swedish official.

Dagens Industri quoted Joran Hagglund, Sweden’s state secretary for industry, as saying the bids are likely to meet today’s deadline, though neither group had been able to show it had the financial backing necessary for a purchase.

“We have had contacts with several different groups since the 18th of December, among them three from Sweden,” Hagglund told the paper. “I should think that at least two of them will submit bids to General Motors during Thursday.”

“The problem is that none of them can show that they have financing in place,” he said, adding that Koenigsegg, which retracted its bid late last year, was not one of the groups.
[…]

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Saab History Hears From Victor Muller Of Spyker Cars

Posted on 18. Dec, 2009 by .

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Saab History hears from Victor Muller of Spyker Cars about the decision today.

I am so disappointed i have no words to describe it.we gave everything we had,it was not enough.

Victor Muller

Here is his quote above, a press release from his company, below.

spyker1

12.18.2009

SPYKER AND GENERAL MOTORS END DISCUSSIONS ABOUT SAAB
ZEEWOLDE, The Netherlands (18 December, 2009) – Spyker and General Motors (“GM”) decided today that the intended sale of Saab Automobile AB will not be concluded. During the due diligence, certain issues arose that both parties believe cannot be resolved prior to the expiry of the deadline set by GM (i.e. 31 December 2009). As a result, GM will start an orderly wind-down of Saab operations.


Victor Muller: “We sincerely regret that we are not able to complete this transaction with GM. We worked 24/7 for three weeks, but the complexity of the transaction in combination with the strict deadline simply did not allow us to complete the transaction timely. Our thoughts are with the wonderful management and employees of Saab in these challenging times”.

-Ends-
About Spyker Cars
Originally founded in 1875 as a coach builder, Spyker produced its first motorcar in 1898. From the
company’s earliest days Spyker Cars became known for their performance and exclusivity, many of
them establishing speed records in their day. The company later diversified its production and built
fighter aircraft and aircraft engines. The original Spyker company ceased trading in 1925, but its
brand name and reputation for technologically advanced, exotic and dependable cars has been passed
on to the new Spyker company and its cars

Built on five brand pillars – heritage, design, craftsmanship, performance and exclusivity – the current
Spyker Cars company was established in 2000 as a manufacturer of hand-crafted, premium sports
cars. The racing and aviation heritage of the early cars has been carried over to contemporary
Spykers, which also benefit from experience gained by participating in racing events such as the 24
Hours of Le Mans. The company’s slogan, introduced in 1914, “Nulla tenaci invia est via: For the
tenacious no road is impassable” continues to be used on its distinctive propeller and wheel logo.
Spyker Cars is listed on the NYSE Euronext Amsterdam.
Additional information can be found on Spyker Cars’ website: www.spykercars.com

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Dutch Based Skyker Cars Interested In Buying Saab

Posted on 02. Dec, 2009 by .

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Reuters reports that dutch based Spyker cars, a small luxury car manufacturer is interested with Saab and is currently in talks with GM.

Please take a look at Spyker car’s website and read the rest of the article below for more information:

Dutch luxury car maker Spyker interested in Saab
Wed Dec 2, 2009 7:11am EST

AMSTERDAM (Reuters) – A second small luxury car maker, Spyker (SPYKR.AS) of the Netherlands, is talking to General Motors GM.UL about buying Saab Automobile, weeks after Sweden’s Koenigsegg dropped its bid.

A spokesman for Spyker, which made 43 cars last year that sell for 200,000 euros ($301,400) and upwards, said the Dutch auto maker was interested in Sweden’s Saab and was talking to GM but declined to say whether it had submitted a bid.

Last month, Koenigsegg, which makes sports cars valued at $1 million, pulled out of a deal backed by China’s Beijing Automotive Industrial Holding Ltd (BAIC) to buy Saab, putting in doubt the future of the 60-year-old mass-market automaker, known for its 9-5 and 9-3 sedans.

U.S. automaker GM, which has been restructuring its European operations after a period in bankruptcy protection earlier in the year, has said it would consider offers for Saab until the end of December and then take steps to close it if nothing suitable materializes.

Automotive News first reported Spyker’s interest in Saab.

Spyker itself has never turned a profit and has had to secure financing since it was resurrected as a luxury car maker in 2000 to compete against Lamborghini, Ferrari (FIA.MI) and Bentley (VOWG.DE).

Spyker’s roots go back to 1875, to a family firm that once built a coach for the Dutch royal family and later moved into automobiles and aircraft, but was liquidated in 1926.

The maker of the C8 Aileron and D8 luxury sport-utility vehicle got rescue financing in 2007 from Abu Dhabi’s sovereign fund Mubadala, which holds 23 percent, while Russian banking tycoon Vladimir Antonov holds 29.9 percent. Chief Executive Victor Muller owns 10 percent.

Saab has not made a profit since it was taken over by GM 20 years ago and estimated it would make a loss of 3 billion Swedish crowns ($434.5 million) this year and again in 2010.

It needs huge investment to bring its models up to date and reverse a dive in sales in recent years, and many analysts believe the brand has little future in an industry struggling with overcapacity.

As for Spyker, CEO Muller told Reuters in July that it still needed to secure financing for 2010.

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Saab Automobile’s Investor Percentages Change Again

Posted on 05. Sep, 2009 by .

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percent.jpg

Saab Automobile’s new investor has changed within the last few days and the entire percentage of investors has also changed to what we see above.

According to SVT, this new investor is known as “Sunshine”, a company owned by Augie Fabela who already has a stake in the company with another one of his businesses known as Alpraaz. Together, this means he will own 66% of the company, effectively 2/3rd of the entire company. That’s a huge stake.

It will be very interesting to see if this percentage continues and also more about what this new Sunshine company is all about as SVT and other media sources cannot find anything about it other than it being based in Amsterdam. It sounds like Mr. Augie Fabela really wants this deal to go through now putting two companies on the table to ensure the financing is complete.

I wonder what’s going to become of this additional loan that GM gave Saab Automobile? Is GM now off the table as an investor, just offering a loan not a seat at the table? This may be getting confusing, so I hope we hear all of the details when the deal is complete.

Perhaps this new investor was the “ray of light” that Saab Automobile needed? We’ll see if this ownership structure stays until the deal is complete, otherwise the percentages and even another investor may come into the picture again. Time will time of course.

In the meantime, here’s the piece by SVT about this recent news.

Playing on the Saab Automobile continues. Now comes evidence that Koenigsegg Group is about to get into the three billion taken to cope with your purchase. While the state requires the company to rung 75 million kronor in the autumn.
Saab

ownership structure has changed a lot in the Koenigsegg Group since its inception in late May. American Mark Bishop transferred June 25 its shareholding to 22 per cent to Alpraaz, Christian von Koenigsegg own company, and Spoke Group, Norwegian Bard Ekers company is the largest shareholder in Koenigsegg Automotive.

• In mid-July, the Dutch company Sunshine In. Behind the company is Augie K Fabel, chairman of the Koenigsegg Group.
• To see ownership in accordance with the share register:

Sunshine 42 percent
Alpraaz 24 percent
Eker Group 24 percent
Koenigsegg Automotive 10 percent.

Just two weeks ago claimed Koenigsegg Group that it required a kind of bridging loan from the Swedish government for the deal would go through. The government refused to cross.

Now, new funders as the input. Unclear which.

“Koenigsegg Group no longer need any additional loans from Swedish state but is capable of financing with the help of GM and the new investors,” said a source familiar with the negotiations as Dagens Industri quoted.

“Feels good thing ‘
The new agreement may be ready to be presented next week.

“We can confirm that negotiations proceed and that it feels positively. We work to a conclusion as soon as possible, “says Halldóra von Koenigsegg at Koenigsegg Automotive to TT.

Nowadays the largest shareholder in Group Koenigsegg American businessman Augie K Fabel, who is also chairman of the board. He stands behind the fact the Dutch company with the cryptic Swedish sounding name of Sunshine, which according to the share register was over 42 percent of the shares in mid-July. Sunshine has an address in Amsterdam that is shared with many other companies. But no website or phone number.

Halldóra von Koenigsegg confirms that it is Fabel company.

-Yes, that’s it, “she says.

Saab require millions
Overall, the Koenigsegg Group expects to require about 11 billion to get Saab back onto the road.

Current owner GM has already provided 2.8 billion kronor in the form of a loan and by paying for the production equipment for the new Saab 9-5. Koenigsegg Group has entered 720 million. In addition, the company hopes on a loan from the European Investment Bank (EIB) of approximately 5 billion. For the loan guarantees are required from the Swedish government.

A setback for Saab is that the state will require the company to around 75 million crowns in the autumn. The money is part of the pay security paid to the employees when reconstruction began.

Tax and the County Administrative Board of Västra Götaland believe that the money is not included in the composition and therefore should not be written off by 75 percent as other liabilities.

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