Tag Archives: European Union

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.

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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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Saab History Welcomes RBM Performance As Sponsor

Posted on 22. Jan, 2010 by .

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RBM Performance, a leading independent Saab parts specialist for the past six years is supporting Saab History as an advertiser.

I encourage you to visit their website for your needs, as they have a page in English (just click the flag) at www.rbmperformance.com

Presentation of our company:

RBM Performance is the independant leading saab parts specialist company in France since 2004 with international vocation too. Company launched by myself Romain Mariani (car parts industry specialist but morever a real saab pasionate person).

Our job at RBM performance is providing everything for saabs owners! as our slogan says : “saab’s cars are our passion” therefore rbmperformance.com webshop is one of the largest devoted saab parts store in the world.

We use to provide all kind of genuine spare parts and accessories for all saabs at affordable prices but we also provide a wide range of saab replacement (aftermarket) quality parts for all saabs.

In addition we also have a large stock of used saab parts: all second hand parts are sold with a minimum 4 months warranty.

RBM performance is also specialized from its begining with enhancements and high quality tuning for all saabs.

We are the official dealer in France for:

-MapTun Performance (the well known swedish saab tuner)
-Speedparts (the tuning parts specialist company in Sweden)
-and Abbott racing (the historic saab Tuner from England UK)

We ship worldwide and can sell without the french VAT of 19,6% for all customers outside of the european union.!

We focus on excellence of services proving rapid answers (within 24 hours max) to all e-mails received, unsurpassed knowledge of all saabs from 1975 to nowadays, strong loyalty programm for all our customers etc..

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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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Saab Automobile Board Meeting Rescheduled For Tomorrow

Posted on 07. Jan, 2010 by .

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As reported this morning, Bloomberg indicates that the Saab Automobile AB management board meeting has been rescheduled for tomorrow to take in additional last minute efforts for other bidders to buy Saab.

The discussion tomorrow will not only include the bidders, but also whether or not to start production this Sunday, January 11th as stated previously.

They have some additional coverage of our “Save Saab” gathering in Detroit, which is again nice to see.

Here is the article below:

Jan. 7 (Bloomberg) — Saab Automobile AB, the Swedish carmaker being wound down by General Motors Co., postponed a board meeting and bidders including Spyker Cars NV are making last-ditch efforts to buy the brand as a sale deadline looms.

The gathering, originally set for today, will take place tomorrow and examine whether or how Saab can restart production Jan. 11 after a four-week break, board member Haakan Danielsson said an interview. Board members may also discuss any possible new bids for Saab, he said.

GM has extended a deadline for Saab bids until today, giving Spyker more time to come up with financing for its offer, people familiar with the matter have said. Genii Capital, a private-equity firm that agreed to buy a majority stake in Renault SA’s Formula One team last month, intends to hand in a cash offer today, according to Lars Carlstroem, the Swedish investor who is working with Genii.
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Saab Automobile Has Two-Weeks Left To Secure Deal

Posted on 17. Dec, 2009 by .

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Saab Automobile has two weeks left in the year to secure the deal with their new prospective owner Spyker Cars.

As we learned at the first of this month, if no deal is completed by December 31st of 2009, then GM will “wind down Saab”.

The folks at Saab Automobile, Spyker & GM are working very hard around the clock to complete this deal, but it’s not just up to them.

It’s now up to the folks at the EU, EIB & the Swedish National Debt Office to complete the loan transaction. Here’s a reminder for you folks that have Saab’s life in your hands, secure this deal before the holidays, do not wait until after the holidays!

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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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Jan Ake Jonsson Speaks At Press Conference In Trollhättan

Posted on 26. Nov, 2009 by .

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Dagens Industri and Swedish Radio West are both reporting on a recent press conference at Trollhattan’s Innovatum Tuesday night where Saab Automobile’s Managing Director, Jan Ã…ke Jonsson criticized the Swedish government for doing too little too late for his company.

Here is the article below.
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