Tag Archives: CEO

Spyker Cars Finalizes The Purchase of Saab

Posted on 23. Feb, 2010 by .



* Spyker Cars finalizes deal over the purchase of Saab Automobile
* Transfer of ownership has taken place
* Transaction signals the start of an exciting new era for Saab
* Saab and Spyker to operate under parent company Spyker Cars N.V.

Trollhättan. Spyker Cars N.V. today confirmed it has finalized the deal with General Motors Company to purchase Saab Automobile AB. The transfer of ownership took place at TIME on February 23. Going forward Saab Automobile and Spyker Cars will operate as sister companies under the umbrella of the Amsterdam Euronext listed parent company Spyker Cars N.V. (Ticker symbol:SPYKR). This transaction secures the future of Saab Automobile and signals the start of an exciting new era for the iconic brand.

Victor Muller , CEO of Spyker Cars NV said: “We are delighted – Saab´s future is now secure.” He continued: “From today we will be concentrating all of our efforts into reviving Saab and transforming it into a sustainable and profitable company with the confidence to be bold. We will reinforce the emotional experience between Saab drivers and their cars and we will focus on Saab’s historical strengths in the fields of independent thinking, aircraft heritage, ecological performance and motorsport.

“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”

Jan Åke Jonsson, CEO of Saab Automobile AB said: “Today´s announcement is great for Saab´s customers, dealers, suppliers and employees around the globe, the level of passion and support shown to Saab over recent months has been remarkable and this does bode well for the future. Now we aim to get back to the execution of our business plan, starting with the introduction of the new 9-5 later this year, and with the continued support of our employees and business partners I am confident we will succeed.”

“This transaction represents the successful outcome of months of hard work and intense negotiations, all aimed at securing a sustainable future for this unique brand, and we are pleased with the positive outcome,” saidJohn Smith , GM vice president for corporate planning and alliances. “This is a great day for Saab employees, dealers and suppliers, and a great day for millions of Saab customers and fans worldwide.”

Continue Reading

Victor Muller Of Spyker Cars Interviewed On Saab Future

Posted on 23. Feb, 2010 by .


Victor Muller of Spyker Cars has been recently interviewed on Saab’s future by Autocar in the U.K.

What made you want to rescue Saab?

It’s what I do for a living, though I’m a genuine car lover as well. Until I founded Spyker I was a pretty successful acquisitions lawyer and a financier. Some of the money I made, I managed to lose again on Spyker, though we now have an new direction for that company. But with Saab, I’m doing what I’m best at.

How will you know you’ve succeeded?

When Saab is profitable, and making the cars people want to buy. I estimate we’ll need a volume of around 100,000 cars, nearly all made in Trollhattan to pay for the infrastructure. The proceeds of every car we make over that will go straight to the bottom line.

What will the model range consist of?

We’ve got a new 9-5 ready to go, the 9-4X SUV is coming towards the end of the year. The 9-3 is our staple model, and still has life in it. And at the moment I’m driving a design for a new small car.

Are you playing a role in the design process?

Sure, I’m doing things with it every day. It’s going to be the coolest thing since the Mini. I carry renderings of the latest designs with me, and I talk to the Saab guys all the time. I want it to be influenced by the first Saab, in fact my codename for it is 92, like the first one. It uses the original teardrop shape; the aircraft with no wings. That’s where Saab cars came from.

When will it hit the market? Will your partner be GM?

Continue Reading


Posted on 08. Feb, 2010 by .


This just in today from Spyker Cars.


ZEEWOLDE, The Netherlands (8 February, 2010) – Spyker Cars N.V. announces today that Spyker has entered into a USD 25 million convertible loan agreement with an investment company owned by Heerema Holding Company Inc.

The USD 25 million loan has a 2 year term, an interest of Euribor + 10% and is convertible into shares at EUR 4 each. This loan secures the funding necessary to close the Saab transaction as the first USD 25 million has already been paid to GM on January 26, 2010. The convertible loan is conditional on SAAB receiving the EIB loan. On July 15 of this year a final payment of USD 24 million is due to GM. Spyker is confident that it will secure the funding for this second installment.

The European Commission approved the Swedish state guarantee for Saab. With respect to the approval of the Swedish state guarantee, competition commissioner Neelie Kroes said: “The state guarantee will contribute to the implementation of Saab’s business plan without giving rise to any undue distortions of competition”.

Victor Muller, Spyker’s CEO said: “We are delighted that Heerema has decided to become an investor in our company. I had the privilege to work for Pieter Heerema from 1984 through 1991, initially as his counsel, later as Director of Corporate Affairs, and we have come to know each other very well as a result. It is the intention to nominate a representative of Heerema as a member of the Supervisory Board”.

“The positive decision of the European Commission to approve the Swedish state guarantee is another major step towards closing of the Saab acquisition. We are grateful to the Commission of their willingness to work so hard on this decision within the limited time available.”

Pieter Heerema added: “Although providing convertible loans such as this one is not in the ordinary course of our business, the positive developments of the past few months involving the SAAB brand and its sympathetic connotation, together with the worldwide support of loyal customers, dealers, employees, suppliers and other stakeholders represents a unique value. This value represents much more than money alone. We are confident that when the company’s management gets the opportunity to implement the business plan we will see a good financial return on our investment as well”.


Continue Reading

Jan Åke Jonsson & Victor Muller Thank Saab Dealerships

Posted on 28. Jan, 2010 by .


Jan Åke Jonsson & Victor Muller Thank Saab Dealerships and have reached out with this video above and letter below.


To: All U.S. Saab Automobile Dealers

As you have heard, GM has announced that it has reached a binding agreement to sell Saab Automobile AB to Spyker Cars NV. Saab Automobile AB will remain the parent company of the newly formed U.S. operating company, Saab Cars North America (SCNA). General Motors, Spyker and the Swedish government worked very hard to create a deal that would secure a future for our unique and iconic brand. All of us are extremely pleased with this outcome. We anticipate closing the sale in the mid-February timeframe subject to certain closing conditions, and applicable regulatory approvals. Please be aware that all wind-down activities have been suspended at this time.

The following is a link to a leadership video from Jan-Ake Jonsson, CEO, Saab Automobile AB and Victor Muller, CEO, Spyker Cars NV with their thoughts for you on the future of a new Saab. The video can be viewed at http://kse.se/saab and no password is required. Please view this video and share it with your teams.

We know you have many questions regarding the new Saab and how it will operate in the U.S. markets. While we cannot possibly answer all those questions in a letter format, I want to let you know now that it is our intent to assign all current Saab dealer contracts to the new SCNA Company at the time of the sale. In the near future, we will schedule an all-dealer conference call to answer as many of your remaining questions as possible.

Thanks for your patience and commitment during this long process and we look forward to creating a new chapter for Saab together with you and your team.

Continue Reading

Jan Åke Jonsson & Victor Muller Press Conference At Saab Car Museum In Trollhättan, Sweden

Posted on 27. Jan, 2010 by .


Film Credit: SVT / Video

Jan Åke Jonsson & Victor Muller were at the press conference which took place at the Saab Car Museum today at noon.

There is a video above, that’s supposed to be showing up, but if you cannot see it, please click on this link to visit the SVT website directly.

Here’s the only thing we may have learned from the event so far from Aftonbladet. as well as TTELA.

If you attended, what did you enjoy about this?


Photo Credit: Afton Bladet

Aftonbladet reports directly from the meeting.

Hundreds of workers gathered beneath the constructed scene outside the Saab Museum shortly before lunch. All employees have been off work. It appears people with Saab Jackets everywhere.

Some in the audience has with him a banner which read: “Victory for Victor.”

Saab’s CEO Jan Ake Jonsson and Spykers CEO Victor Muller is now at Saab Museum in Trollhättan, Sweden to meet with the media.
Before they went into the museum they were greeted with warm applause and cheers from hundreds of curious people who had signed up beneath an utescen outside Innovatum.
– You are the future and I salute you, “said Muller

Fifteen minutes late dived Spykers Saab’s President and CEO at the top of Innovatum at 12.15, after having arrived on a flight from Stockholm.

Hundreds of interested, Saab-workers and other curious, i was waiting for the drizzle to see and hear Victor Muller.

– I’m really speechless. You are all in the Saab has shown such enthusiasm and everyone has worked very hard for this. The only thing we can say now is that we did the right thing. And a man, we really have to thank for this, Jan Åke Jonsson. He is the one who made it all possible, “said Muller and and pulled down further applause.

He and Jan Ake Jonsson was very happy and relieved that the deal went without a hitch in the end.

– It’s been pretty hectic last few weeks, but with your great help, we have sustained the courage. I am extremely grateful for the support I’ve received, “said Jan Åke Jonsson with trembling at the meeting.

Applause and jubilation storm grew even more urgent.

After it took Saab Anas Joachim Lind on handing out flowers to the two and thanked for commitment:

– I stand here on behalf of all local retailer and thank you so very much for saving Saab.

– Now we are expecting great things, but has much to do and will work to get Saab back on their feet. And we’ll obviously sell a lot of cars too, “said Jan Åke Jonsson.

– Long live the Saab, “exclaimed Victor Muller before he and Jan Åke during camera Bursts glow walked into the Saab museum for more interviews with the media.

Continue Reading


Posted on 26. Jan, 2010 by .


News Release

• GM and Spyker Cars announce a binding agreement over the transfer of ownership
of Saab
• Terms are agreed and the deal is expected to close in February
• Saab’s future as an independent company is secured
• Saab will exit the orderly wind-down process
• Spyker shareholders will restructure at closure of the deal
• Swedish Government issues guarantee in favour of EIB

ZEEWOLDE, The Netherlands (26 January, 2010) – General Motors Company and Spyker Cars N.V, today confirmed the details of a binding agreement over the transfer of ownership of Saab Automobile AB of Trollhättan, Sweden. The transaction is expected to close in February and Saab Automobile will exit the orderly wind down process in line with that timetable.

The transaction will be accomplished as follows:

• Spyker acquires from Saab Automobile Investering AB, a subsidiary of General Motors (“GM”), all the issued and outstanding ordinary shares in the capital of Saab Automobile A.B. (“Saab”) for a consideration of USD 74 million (“Purchase Price”).

• The Purchase Price will be paid in two instalments. The first instalment of USD 50 million will be paid on the date of completion of the transaction, expected to take place on or before February 15, 2010 (“the Closing”). The second instalment of USD 24 million will be paid on July 15, 2010.

• The Share Purchase Agreement is subject to the execution of a EUR 400 million loan agreement between Saab and the European Investment Bank (“EIB”), guaranteed by the
Swedish Government. Today, the Swedish government announced approval of this guarantee. The guarantee is subject to approval by the European Commission, which is expected shortly.

• Upon completion of the transaction GM will retain redeemable preference shares of USD 326 million. The preference shares represent less than 1% of the voting rights in the capital of Saab. The mandatory redemption date is 31 December 2016 and Saab has the right to request voluntary redemption at any time prior to this date. The preference shares carry a dividend entitlement of 6% starting from January 2012, increasing to 12% as from July 1, 2014. The dividend over 2012 will be added to the principal, but as from January 1, 2013 the dividend is payable in cash. Should Saab have insufficient distributable reserves to pay the cash dividend it will be added to principal increased with a penalty factor.

• In order to allow Saab to operate on a stand-alone basis outside GM, Saab and GM will enter into a number of ancillary agreements. As part of the transaction, Spyker intends to negotiate the acquisition of all the outstanding shares in Saab Great Britain Limited, the UK distribution, marketing and sales company for Saab from General Motors UK Limited.

• Spyker will issue a corporate guarantee not exceeding USD 10 million for Saab’s obligations to and for the benefit of the financing company GMAC.

• Spyker will as soon as practically possible convene a general meeting of shareholders to approve the transaction. Spyker obtained irrevocable voting undertakings to vote in favour of the transaction representing the voting majority of its current shareholders.

• It is the intention to change the name of Spyker Cars N.V. at that general meeting of shareholders to Saab Spyker Automobiles N.V.

• As back-up financing, Spyker entered into a EUR 150 million Equity Credit Line Facility with GEM Global Yield Fund Limited (“GEM”) for a term of 3 years. According to this facility, Spyker may issue shares to GEM at 90 per cent of the volume weighted average price of the shares over a period of 15 trading days following a draw down notice sent to GEM by Spyker. In relation to the GEM facility, Spyker has issued to GEM share warrants in respect of 1,570,000 ordinary shares at an exercise price of EUR 4 per ordinary share. The warrants have a 5 year

The object of acquisition
• In spite of media reports that certain parts have already been sold off, the object is Saab as a complete entity and going concern with all IP rights, trademarks, facilities and other infrastructures. The sale of pre 2003 Saab 9-3 and current Saab 9-5 technology to BAIC in December 2009 did not result in any part of Saab’s business being divested or devalued. On the contrary, Saab has already started the production of the new generation Saab 9-5 in Trollhättan.

• Both Saab management and Saab GB management prepared an estimated balance sheet as at 31 December 2009 for the purpose of this transaction. These estimated balance sheets are
still subject to final account closing and audit procedures.

• Spyker Cars does not yet have a balance sheet as at 31 December 2009 ready for reporting purposes. As such, it would be premature to show a pro-forma combined balance sheet for
Spyker, Saab and Saab GB as at 31 December 2009.

• Therefore Spyker only disclose an indicative combined balance sheet of Saab and Saab GB as at Closing date based on the estimated balance sheets for both entities as at 31 December
2009, adjusted for the impact of the transaction items as at Closing date.

• It should be noted that the indicative closing balance sheet is based on the latest estimated balance sheets of both entities by Saab and Saab GB management which are subject to final closing and audit procedures and therefore subject to change, and does not reflect any potential fair value or purchase price allocation adjustments. The indicative closing balance sheet should therefore not be considered as the actual closing balance sheet, but only as an indication for the assets and liabilities to be acquired at closing date.


Saab’s and Saab GB’s combined revenue amounted to some EUR 1.0 billion in 2009 (2008:
EUR 1.6 billion). Earnings before interest, taxes and depreciation amounted to EUR 0.4 billion
negative in 2009 (2008: EUR 0.3 billion negative). In 2009 Saab sold 39.903 cars and
produced 20.791 cars versus selling 94.751 cars in 2008 and producing 89.086 cars.



As from Closing of the Saab acquisition, the ownership structure of Spyker will change as follows:

• Tenaci Capital B.V. (“Tenaci”), a company wholly owned by Mr. V.R. Muller has made a successful bid on Mr. V. Antonov’s current shareholding in Spyker consisting of 4.6 million ordinary shares. As agreed in 2007, when Mr V. Antonov acquired his shares in Spyker, Mr. V. Antonov will cause the transfer of the priority share to Spyker if and when he would dispose of his shareholding. A resolution to cancel the priority share will be proposed at the upcoming EGM.

• Messrs. N. Stancikas, M. Bondars and Mr. V. Antonov will retire as members of Spyker’s Supervisory Board effective as per the date of Closing.

• Tenaci will grant to Spyker two loans. One for an amount of USD 25 million towards payment of part of the Purchase Price for Saab upon completion of the transaction. A second loan for an amount of EUR 57 million for repayment of all of Spyker’s current outstanding loans to banks and other financial institutions controlled directly, or indirectly by Mr. V. Antonov. This loan mirrors the existing terms (including the lender’s right to convert EUR 9.5 million into ordinary shares at a conversion price of EUR 4.00 per share).

• The sale will be subject to customary closing conditions, including receipt of applicable regulatory, governmental and court approvals. Other terms and conditions specific to the sale are not being disclosed at this time. Victor R. Muller, Spyker’s 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. We are delighted to have secured the jobs and livelihoods of thousands of loyal Saab employees, suppliers and dealers and to have given reassurance to the 1.5 million Saab drivers and enthusiasts around the world. It was breathtaking to see so much support from the global Saab community over the last months which not only shows the strength of the brand but also helped us in our relentless determination to get the deal done.”

“Spyker Cars will provide Saab with the backing required to compete as a competitive global brand along with an entrepreneurial leadership team sensitive to the uniqueness, heritage and individuality of the Saab brand. I would like to extend my sincere gratitude to Vladimir Antonov for his formidable support during the past two years. His contribution has allowed Spyker to get to the point that this
transaction was made possible. I also want to extend my gratitude to Messrs. Stancikas and Bondars as Members of the Supervisory Board. They have made very valuable contributions to our company
during their respective terms.”

“Finally I would like to thank the Swedish Government for its constant support for our efforts culminating in granting the Guarantee in favour of the European Investment Bank today for an EUR
400 Million loan to Saab which we hope to secure in the coming weeks.”

Jan Åke Jonsson, CEO of Saab Automobile AB said: “It has been a challenging 15 months for Saab but our global organization has shown a fighting spirit that will serve us well going forward. The
agreement with Spyker Cars has secured Saab’s future and will enable us to maximize the brand’s potential through an exciting new product line-up with a distinctly Saab character.”

“Today’s news is great for Saab’s customers, dealers, suppliers and employees around the globe. The level of passion and support shown to Saab over recent months has been remarkable and I would like
to take this opportunity to thank all of those people who continued to believe that Saab deserved a future. Now we aim to get back to the execution of our business plan and with the continued support
of our employees and business partners I am confident we will succeed.”

Nick Reilly, President GM Europe, added: “As a responsible corporate citizen in Europe, and throughout the entire period, GM has always had the hope to find a positive solution for Saab that
would avoid a wind-down of the brand. We have worked very hard with many parties, including governments and investors, and I’m very pleased that we could come to such a positive conclusion
that preserves jobs in Sweden and elsewhere. GM will continue to support Saab and Spyker Cars on their way forward.”


Note for the media, not for publication
For further media information, please contact:

Saab Automobile Press Office
Tel: +46 (0)520 279797

Spyker Cars Europe, PFPR Communications:
Mike Stainton
T: +44 (0) 1622 77 66 87
M: +44 (0) 7739 891 040
E: mike.stainton@pfpr.com

Tom Housley
T: +44 (0) 1622 766510
M: +44 (0) 7746 646 356
E: thomas.housley@pfpr.com

Peter Rawlinson
T: +44 (0) 1622 691 361
M: +44 (0) 7971 472 715
E: peter.rawlinson@pfpr.com

Spyker Cars North America, PCG Campbell:
Shane Smith
T: +1 310 224 4965
M: +1 310 224 4965
E: ssmith@pcgcampbell.com

Continue Reading

An Update Today On The Spyker Sale Process Of Saab

Posted on 25. Jan, 2010 by .


Here’s a good update on what to expect today with regards to the Spyker-Saab sale process of Saab Automobile.

1) Sweden’s SVT have reported that the Swedish Government will make an extraordinary meeting today at 2:30pm in Sweden (8:30am U.S. EST) about the EIB Loan. (This will not be a press conference)

2) Secondly, GM in Detroit is expected to make an announcement via a press statement and/or conference call

MEDIA ADVISORY: GM Chairman and CEO Ed Whitacre to Provide Business Updates


DETROIT – General Motors Chairman and CEO Ed Whitacre will host a press conference on Monday, January 25, to provide updates on GM business activities.

The press conference will begin at 11:30 a.m. EST in the Renaissance Conference Center located in Tower 300, Level 2, of the Renaissance Center in downtown Detroit.
The satellite feed for the press conference is:

The press conference will also be webcast at http://media.gm.com and at http://gmtv.feedroom.com/?fr_story=a313dd015fa9a7af0b9de0c1898de6c36e3b324f

The webcast will be archived at the site fr replay after 2 p.m. EST on January 25.

Technical/broadcast questions:
Steve Griffes

GM Communications Operations
313-220-7982 (mobile)

3) Spyker CEO is expected to make a statement at a conference today, unsure exactly when though. I’m hearing from my sources that this will be in Stockholm, possibly like the Saab-Scania/ GM statement 20 years ago.

2010-01-25 14:06:54.376 GMT

Zeewolde, the Netherlands, 25 January 2010 – Spyker Cars N.V., manufacturer of exclusive premium sports cars, has noted recent press speculation about the SAAB negotiations. Spyker confirms that talks are ongoing, the outcome of which is still uncertain. As SAAB is currently in liquidation talks must end soon.

I will be updating this post as things progress. If you have tips, please don’t hesitate to add them and/or contact Saab History.

Continue Reading

Spyker Cars CEO, Victor Muller Now In Stockholm

Posted on 22. Jan, 2010 by .


Saab History has just received direct confirmation from Spyker Cars CEO, Victor Muller, that he is now in Stockholm, as recently reported in Bloomberg.

This is a necessary next step in the ongoing sale process with Saab Automobile & GM. We should expect news shortly following what took place here on Friday, in the next few days.

Jan. 22 (Bloomberg) — General Motors Co. and Spyker Cars NV officials met in Stockholm today to review a potential sale of GM’s Saab unit as the parties near an agreement, according to two people familiar with the matter.

GM considers Spyker’s $500 million offer of cash and preferred shares in the new Saab to be adequate, while the companies negotiate terms including those related to production plans, said the people, who asked not to be identified because the talks are private

Continue Reading

Production Concept