Tag Archives: EUR

Saab History's Understanding On Spyker-Saab Sale Process

Posted on 25. Jan, 2010 by .

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It is my understanding that the reason why at this very moment, the deal has not been completed, is that the Swedish Government and the EIB, are waiting from a statement from GM, stating that Spyker will be granted the ability to buy Saab.

Once that occurs, it seems as though the Swedish Government and the EIB will allow the approved 400 million-Euro ($567 million) loan to be granted the Spyker Cars, thus allowing the sale of Saab Automobile to be complete.

While it would be ideal for this to all go down today or within the next 24 hours, the loan completion may be up to 10-days after a hopeful positive statement from GM, according to Bloomberg.

Here’s hoping it all happens and is finalized shortly and that GM has something positive to say about Spyker buying Saab opposed to a “discussions are ongoing statement” in their press conference this morning. GM indicates to Saab History that they are not expected to discuss Saab in this press conference. I guess we’ll have to wait and see.

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Swedish Government Had Good Talks With GM Yesterday

Posted on 12. Jan, 2010 by .

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Bloomberg reports that the meeting yesterday went quite well for Saab’s sake that involved the Swedish Government and GM officials.

Swedish officials, including State Secretary Joeran Haegglund, the government’s main liaison to the auto industry, visited GM in Detroit yesterday to explain how Sweden can guarantee a 400 million-euro ($580 million) loan for Saab from the European Investment Bank, the European Union’s lending arm, said Haakan Lind, a government spokesman.

The Swedish representatives held “good” talks with GM officials, Lind said in a telephone interview today. The officials discussed how fast the loan can be guaranteed, depending on which bidder gets to buy Saab, he said.

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Spyker Cars Says EIB Loan Is Biggest Problem

Posted on 17. Dec, 2009 by .

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Bloomberg reports that Spyker CEO, Victor Muller says that the European Investment Bank (EIB) loan is their biggest problem.

Evidently, this is the most time consuming aspect of the entire deal for the company. In addition, the CEO also indicates that the EU and the Swedish National Debt Office are also slow to move on things.

What I am concerned with is that most of these places are entering the holiday season at this time, so will they be even slower? When you hear a quote from the EIB stating that ” It’s possible that the European Commission will reach a decision this month” , it makes you wonder if they really care to get this resolved by December 31st? If they don’t grant the loan before then, and the deal is not signed immediately following the loan being granted, it’s over.

Furthermore, one would have thought that all of these parties would have been motivated to work harder, faster & smarter since the Koenigsegg failed due to all of these parties moving slower to begin with. We can’t have a repeat of the same process again, only to be bottle necked again by the same slow-moving bureaucracies.

Here’s hoping that the EIB, EU and the SNDO can get their act together ASAP.

Spyker CEO Says EIB Loan Is Biggest Saab Deal Hurdle (Update1)

Dec. 17 (Bloomberg) — Spyker Cars NV’s plan to buy General Motors Co.’s Saab unit hinges on the European Investment Bank approving a loan before the end of December, the Dutch luxury-car maker’s chief executive officer said.

GM and Spyker are not the “potential problem for this transaction,” Victor Muller said in a phone interview from his home in Amsterdam today, adding that winning EIB support before year-end is the biggest obstacle. So far, the European Union’s lending arm has sent “neutral signals” on approving a 400 million-euro ($574 million) loan that is key to the sale and which the Swedish government must guarantee, said Muller.

“It’s mainly now down to the government agencies,” Muller said. “That’s really the main issue. We’re getting lots of support from the Swedish government.”

Spyker, the maker of $235,000 sports cars, emerged as the frontrunner to buy Saab this month after Koenigsegg Group abandoned its bid on Nov. 24. GM’s Chief Executive Officer Ed Whitacre said on Dec. 15 that the Detroit-based carmaker will shut the unit if it doesn’t reach a deal with Spyker by the end of this month. GM has separately agreed to sell some technologies for Saab’s 9-3 and 9-5 models to Beijing Automotive Industry Holding Co.

The EIB was not immediately available for comment.
[…]

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Bloomberg Reports: Saab Buyers Narrowed To Spyker, Renco & BAIC

Posted on 02. Dec, 2009 by .

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Bloomberg Reports that Saab Buyers have been narrowed down to Spyker, Renco & BAIC

GM Said to Narrow Saab Options to Up to Three Bidders (Update1)
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By Jeff Green, Serena Saitto and Ola Kinnander

Dec. 2 (Bloomberg) — General Motors Co. has narrowed its options for the Saab unit to as many as three bidders, according to two people familiar with the matter.

GM is considering proposals by Spyker Cars NV and Renco Group Inc., with Renco less likely to gain consideration, said the people, who asked not to be identified because the discussions are private. Merbanco Inc. is out of the race, they said. GM is still weighing a sale of certain Saab assets to Beijing Automotive Industry Holding Co. and unwinding the rest of the company, they said.

The Detroit automaker is trying to shed the unit after Koenigsegg Group AB backed out of a purchase agreement last week. The disposal of Saab as well as Saturn, Hummer and Pontiac brands was part of GM’s plan to return to profit after a $50 billion U.S.-backed bankruptcy from which it emerged July 10. GM said yesterday it will review bids for Saab and decide by the end of the month whether to sell or shut the Swedish unit.

Spyker, the Dutch maker of $235,000 sports cars, is seeking to buy Saab in a partnership with RMC Convers Group Holding Ltd, which is Spyker’s biggest owner, Spyker Chief Executive Officer Victor Muller said in a telephone interview today.

“It’s heartbreaking to see a company like Saab going down — Saab is a beautiful brand,” Muller said by telephone from Los Angeles, where he is attending the auto show. “I can confirm that we have an interest in Saab together with Convers.”

Spyker climbed as much as 36.5 cents, or 23 percent, to 1.95 euros, the steepest increase since Jan. 30, and traded at 1.86 euros as of 4:07 p.m. in Amsterdam.

To contact the reporters on this story: Jeff Green in Southfield, Michigan, at Jgreen16@bloomberg.net; Serena Saitto in New York at ssaitto@bloomberg.net; Ola Kinnander in Stockholm at okinnander@bloomberg.net.

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Saab Cars North America Launches Q&A Section

Posted on 18. Nov, 2009 by .

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Saab Cars North America has recently launched a new Question & Answer page on their website

The idea here is to provide clarity to frequently asked questions. It’s nice to see.

Here are the details for simplicity sake.

qa.jpg

GLOBAL BRAND/CORPORATE

Q: What is happening with the sale of Saab?

A: Great progress has been made toward securing financing to complete the purchase of the brand. Recently, the European Investment Bank approved Saab Automobile AB’s loan application for 400 million Euros, roughly $600 million USD. Saab is in the final stages of negotiations with Sweden’s National Debt Office and we expect confirmation from the European Commission that Sweden’s state guarantee conforms with EU rules on state aid. It is a complicated process; however, we remain extremely confident that our plans are on track to close the deal in the 4th quarter of this year.
PRODUCT

Q: When will Saab introduce new products?

A: Among the many bright spots in Saab’s future, the emerging product portfolio is perhaps the brightest. Saab currently expects to launch 4 new vehicles in the next 16 months, products that are sure to resonate with our highly educated, progressive thinking customers:

* The 9-3X, a versatile all-round XWD vehicle
* The 9-4X, a compact luxury crossover vehicle
* And of course, Saab’s new flagships, the 9-5 Sedan and the 9-5 SportCombi
[…]

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The Swedish Press On The EIB Loan Approval Yesterday

Posted on 22. Oct, 2009 by .

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Here are two articles from Swedish Radio and The Local on the EIB Loan Approval yesterday.

Today endorsed European Investment Bank, EIB, Saab Automobile loan application. The decision is a stepping stone to the Swedish automaker to receive a loan of up to over four billion crowns.

It was a happy Christian von Koenigsegg that received the message.

– It is an important milestone in the shop, so it feels good.

What do you have convinced the Bank that this is something you can believe in?

– The overall picture, it’s business plan is, it’s Saab as a company, what they look like today and what future plans are.

After the EIB’s decision today opens the commission an audit to ensure that the loan does not conflict with state aid rules.

Christian Berggren, professor of Industrial Engineering at Linköping University, says there are many questions about Saab Automobile to get into a profitable business so that you can repay the loan.

– Based on the known facts about the automotive world and how it looks to rival firms so there must be something extraordinary in order to ensure credibility of this plan. Saab must have had wings again in any way, how can I say. If this works, then we rewrite the textbooks on the automotive and industrial economy of the automobile, for which there has been something that has not previously been possible.

According to Christian Berggren is the great danger that the bill for the loan goes to the Swedish taxpayers. And there are far better ways to support Swedish industry but to ensure that risky projects, he says.

But Christian von Koenigsegg says that taxpayers need not worry.

– Of course, Saab, and we do our best to make this to work, it is number one. Number two is that the Debt Office and thus the Swedish taxpayers have adequate security for its guarantee in the form of the securities Saab submits to the National Debt Office. In the end, there is collateral, but the main goal is to repay the money with a successful business.

[…]

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Saab Automobile AB’s Official Response On EIB Loan Approval

Posted on 21. Oct, 2009 by .

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Saab Automobile AB has made an official response on the EIB loan approval news today.

A thank you to Eric Geers, Saab’s Communications Manager for providing this information to Saab History.

The European Investment Bank today approved Saab Automobile’s loan application of 400 Million Euros.

Jan Ã…ke Jonsson, Saab Automobile Managing Director said: “With our loan application now approved by the EIB another piece of the puzzle has fallen into place. We are also in the final stages of negotiations with Sweden’s National Debt Office and we expect confirmation from the EU Commission that Sweden’s state guarantee conforms with EU rules on state aid. It is a complicated process however we remain extremely confident that our plans are on track.”

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European Investment Bank Loan Approved For Koenigsegg & Saab!

Posted on 21. Oct, 2009 by .

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The European Investment Bank has approved the $400 Million Euro loan for Saab Automobile AB!

This monumental milestone is now going to help finalize the sale of Saab from GM to Koenigsegg.

The next steps in this loan process are for the European Commission to accept it, then for the Swedish Government to endorse the loan as a guarantor, then it’s a done deal.

Today is a great day, we should all look forward to the sales process being wrapped up shortly once the next few steps are completed.

Here is the official press release from the EIB’s website as Saab Automobile has yet to make a public statement.

EIB Board approves further EUR 600m in loans for the automotive industry

* Release date: 21 October 2009
* Reference: 2009-207-EN

The European Investment Bank’s Board of Directors today approved loans to European-based car makers worth a total of EUR 600m.

One of the loans approved today amounts to EUR 400m for SAAB Automobile AB. The loan will be used for research and development activities for the improvement of fuel efficiency and safety including new tooling for the production of cleaner and safer cars, subject to the European Commission’s approval of the Swedish state guarantee.

In total, since December 2008 the EIB has approved loans to the automotive sector (manufacturers and suppliers) worth EUR 7.56bn, whereof EUR 4.52bn under the EIB’s European Clean Transport Facility (ECTF). EUR 320m out of the EUR 400m approved for SAAB would be provided under the ECTF. The Facility, part of the EIB’s wider response under the European Economic Recovery Package, targets significant cuts in vehicles’ CO2 emissions through research, development and innovation, as well as the production of cleaner and more fuel-efficient cars and other transport and also through tangible fixed assets in related infrastructure and production plants. The remainder is intended to help SAAB improve the active and passive safety of its future vehicles.

After the approval of the operations the contracts will be negotiated and signed, followed by disbursement according to the progress of the projects. In 2009, EUR 3.6bn has already been disbursed to the automotive sector and it is forecast that this will reach around EUR 6.0bn by year-end. Further disbursements will follow in 2010.

Note for the editor:

The European Investment Bank was created by the Treaty of Rome in 1958 as the long-term lending bank of the European Union. The task of the Bank is to contribute towards the integration, balanced development and economic and social cohesion of the EU Member States. The EIB raises substantial volumes of funds on the capital markets which it lends on favourable terms to projects furthering EU policy objectives. The EIB continuously adapts its activity to developments in EU policies.

* press@eib.org
* +352 43 79 – 21000

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