Tag Archives: EU Commission

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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EUROPEAN INVESTMENT BANK CONFIRMS LOAN TO SAAB

Posted on 12. Feb, 2010 by .

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The European Investment Bank officially confirms authorization of the EU 400 Million loan to Saab Automobile AB today according to their website.

To make absolute certain this is the official authorization we’ve been waiting for, Saab History confirmed this with the EIB on the telephone. Saab History will be receiving a follow up call from the EIB later today with more details to follow.

This is a great day for Saab as now everything’s in line for closing on Monday, February 15th.

Here’s their summary.

logo-eib_en

EIB loan to Saab

Date: 12 February 2010

The EIB has confirmed the authorization to conclude the EUR 400 m 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.

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EU COMMISSION APPROVES EIB LOAN

Posted on 08. Feb, 2010 by .

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As the Swedish Government and the Swedish National Debt office have approved the EIB loan, yet another critical milestone has been approved.

Today, the EU Commission have also approved the EIB loan. This now leaves the final step in this long awaited process up to the EIB themselves to approve the loan this week.

Here’s the official press release by the EU Commission as well as Sweden’s Dagens Industri,

State aid: Commission approves Swedish State guarantee for Saab

The European Commission has authorised, under EU state aid rules, plans notified by Sweden to provide a guarantee that would enable Saab Automobile AB to access a loan from the European Investment Bank (EIB). The Commission found that 82.8% of the guarantee to be provided by Sweden was in line with its Temporary Framework for state aid measures, which gives Member States additional scope to facilitate access to financing in the present economic and financial crisis (see IP/08/1993 ). In particular, Saab will pay an adequate remuneration for the guarantee and provide sufficient securities in case the guarantee would be drawn. It is therefore compatible with Article 107(3)(b) of the Treaty on the Functioning of the European Union (TFEU), which permits aid to remedy a serious disturbance in the economy of a Member State. The remaining 17.2% will be provided on market conditions and therefore does not constitute state aid.

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.”

The loan to be granted by the EIB would co-finance Saab’s business plan in the light of its sale by current owner General Motors to Dutch carmaker Spyker Cars N.V. According to the business plan, Saab intends to use the EIB loan of €400 million for an investment project worth €1 billion related to inter alia fuel efficiency and car safety.

Saab would pay a premium for the guarantee and provide the Swedish Government with high-quality collateral covering the full guaranteed amount. This collateral could be called upon by the Swedish state if it had to pay out any money under the guarantee. The level of the premiums paid during the lifetime of the loan would be in line with the provisions of the Commission’s Temporary Framework. For a part of the guarantee, the Commission found that, in the current market situation and taking into account the other conditions of the transaction, a premium of 12.48 % per annum constitutes the market price for the risk involved in issuing such a guarantee. The Commission therefore concluded that this part of the guarantee did not involve state aid.

The non-confidential version of the decision will be made available under the case number N 541/2009 in the State Aid Register on the DG Competition website. New publications of state aid decisions on the internet and in the Official Journal are listed in the State Aid Weekly e-News .

[…]

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TTELA Reports EU Closer To Saab Decision

Posted on 23. Nov, 2009 by .

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Trollhattan, Sweden’s TTELA reports that the EU Commission is getting closer to completing the Saab sale to the Koenigsegg Group.

Here is their report below translated by google.

EU closer Saab Decision

TROLLHÄTTAN A decision by the EU on Saab’s loan application will be closer, since the Ministry of Industry of the week provided the Commission with additional information.

Since the documents are submitted in both Wednesday as Thursday, the commission may now be obtained throughout the support you need to take a decision in the Saab case.

– We hope so, but we’ll see. We have done everything we can to expedite this matter, “says Bengt Wenner Stein, scientific councils of the Economy Ministry.

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Swedish Debt Office Gives Green Light To Saab Automobile

Posted on 05. Nov, 2009 by .

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The Swedish Debt Office has given Saab Automobile the green light according to Eric Geers, information manager at Saab who had an interview recently with Swedish Radio.

Informationsdirektör at Saab Automobile, Eric Geers. Photo: Cecilia Bergil / SR West

Saab Automobile get the green light by the Debt Office for their securities. The company is expected to have sufficient assets to the state should be able to provide guarantees for the loan of the European Investment Bank (EIB). Thus, one major obstacle in the loan process eliminated.

Eric Geers: We anticipate that the process is completed in the coming weeks

But the EU Commission, which examines the conditions for the loan now, want more answers. It can delay the process, but the Saab Information Director Eric Geers believe that the timetable will hold.

– It’s a process you go through and now we answer the questions that the commission does, “he says.

It’s a race against time now, GM has said that the sooner the end will leave you Saab to their fate. But according to Geers so should not the commission of new issues put some sticks in the wheels to get clear solution.

The Commission’s approval is a prerequisite for a continued future for Saab.

And now is the teaching ability of Saab in the new test to declare that Saab was not about to become bankrupt before the economic crisis broke out.

For the purposes of the Debt Office to declare that the State guarantees are not designed in a way that unauthorized benefit a company in Sweden and distorts konkurensen.

Eric Geers assessment is that we should probably meet quite soon without much delay.

– I do not want to speculate on whether it is delayed or not. We expect the entire process is completed in the coming weeks.

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The Remaining Pieces Of The Saab-Koenigsegg Sale

Posted on 26. Oct, 2009 by .

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TTELA has recently published a good piece providing clarity for the remaining pieces of the Saab-Koenigsegg sale from GM following the EIB loan application approval last week.

Effectively, the EU Commission is the next step, then the Swedish Government needs to agree to this as a guarantor, then the BAIC deal needs to be complete and finally the GM sale and service agreement, finalized.

Here is the piece below, loosely translated by Google.

I can say yes to the EIB to lend 4.1 billion to Saab, but there is no money unless the Swedish government goes into the walls tier. Thus, there remain a few pieces of the puzzle.

Saab one step closer to goal
[…]

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Koenigsegg Group Hope For Completion in November

Posted on 22. Oct, 2009 by .

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The Koenigsegg Group that is in the process of buying Saab from GM, hopes for this process to be wrapped up in November according to TTELA.

It looks like they will be waiting for the EU Commission as well as the Swedish Government, then the Koenigsegg Group & BAIC need to complete their deal, and then finally the sales process should be complete.

Koenigsegg hope for completion in November

Gothenburg CEO for Koenigsegg Group, Christian von Koenigsegg, was working at Saab’s office in Gothenburg where he was told about the EIB loan.

– It is an important milestone we have passed today, but many important milestones remain, and says he is well aware that the money not yet secured.

The money needs to fall into Saab’s account before the year end according to Koenigsegg.

– Timing is critical. There should be no more delays,” he says.

In addition to the news from the Debt Office and ultimately the government on state guarantees and the approval of the commission must Koenigsegg Group have clear agreement with the Chinese Beijing Auto, BAIC.

Negotiations with the former owner GM of Rights regarded as the most formal.

– We have found a way to break down. It is well emerged because we have negotiated a long time,” said Christian von Koenigsegg.

The new business plan will Saab be profitable at 100 000 cars sold. In addition, the company intends to cooperate with many different partners in the industry to be cost effective.

– We have a realistic view of where Saab is and how it should move forward,” said Christian von Koenigsegg to explain that the bank believes in the business plan.

To cope with that drive Saab to the company in 2012 is expected to be profitable on its own merits requires about 11 billion according to Koenigsegg. BAIC will contribute around three billion of the company becomes a minority owner of the Koenigsegg Group. But Beijing Auto’s interest based on that Saab may loan.

– All parties need to have everyone on board. I see before me that all processes will be completed on the same day, or almost. Probably in early November,” said Christian von Koenigsegg.

He does not want to go into the details of how the negotiations with BAIC go or if the Chinese company will be taking over the tools of the old 9-5. BAIC is interested in Saab’s technology.

An additional sponsor is not seeking Koenigsegg Group, owned by companies controlled by American businessman Augie K Fabel, Norwegian businessman Bard Eker and Christian von Koenigsegg.

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Saab & Koenigsegg Now Wait For EU Commission

Posted on 22. Oct, 2009 by .

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TTELA has recently provided another great article about the remaining steps in completing the EIB loan that was just approved.

These two pieces involve the EU Comission granting the loan and the Swedish Government accepting the responsibility of being a guarantor.

Saab Now Wait For EU Commission

Since the EIB said yes we are now focussing our attention on the remaining pieces of the puzzle in this process. And especially one of them: How long will the EU Commission take on deciding whether to accept the matter?

Time is something that is scarce for Saab. Partly because their money won’t last forever, but also because each day of low production is a bit of a lost day.

– We have no real cause for concern, but we are still very keen to get started with what we have in the pipeline”, says the information manager Eric Geers.

But before the Saab is through the loan process, the State must provide the loan guarantee required by the EIB. And the guarantee must in turn be approved by the European Commission, to ensure that it does not violate state aid rules.

Commission splits time frame?

the Ministry of Industry submitted a notification nearly three weeks ago, but no one seems to now know how long the Commission needs to come to a decision.

– Their position is perhaps nothing that concerns us, but it’s timing that feels a bit unsure,” says Paul Akerlund on Saab IF Metall club.

For the same view, Christian von Koenigsegg.

– Timing is critical. There should be no more delays,” he says.

Saab’s goal to have everything ready by late October or early November will not hold if the Commission needs the two months that was rumored.

TTELA searched yesterday, Jonathan Todd at the European Commission’s press department to clarify the issue, but the written response from Brussels made us not much wiser.

“The commission deals with the notification it received. It is too early to make any further comment.”

On the other hand, there is much to process with the Debt Office of the loan guarantee is near an end. The Debt Office has constantly worked to October 21.

– We will be reporting to the government, but when it becomes, I can not say today. Our intention is not to delay this, “says Erik Sjulander, Administrator of the National Debt Office.

GM’s lawyers in the City

In parallel with the loan process is also under final negotiations with Beijing Automotive, as well as the GM for all the service that must be set up at Saab and GM are separated.

– We sit there day and night now. This week and perhaps into the next, we have no through them one by one. It is not that we are not negotiated before, but now flies GM in their lawyers, “says Saab’s General Counsel Kristina Geer.

A little above the head of Saab, new owner Koenigsegg Group also agreed with Beijing Automotive, which is expected to inject billions of dollars and get a minority stake.

How far the negotiations have reached is unclear.

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