Tag Archives: General Motors

Jan Åke Jonsson & Victor Muller Thank Saab Dealerships

Posted on 28. Jan, 2010 by .

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

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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.

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GENERAL MOTORS AND SPYKER CARS REACH AGREEMENT ON SAAB

Posted on 26. Jan, 2010 by .

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News Release
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• 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
term.

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.

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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.

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RESTRUCTURING AND MANAGEMENT BUY-OUT

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.”

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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.”

-Ends-

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

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GM Reaches Agreement to Sell Saab to Spyker

Posted on 26. Jan, 2010 by .

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It has been over a year since GM decided to strategically review Saab Automobile, but just over 20 years since they’ve been owned by GM .

Today, Spyker Cars, N.V. acquires Saab Automobile from GM, marking a new era for the company.

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GM Reaches Agreement to Sell Saab to Spyker

2010-01-26

DETROIT – General Motors and Spyker Cars NV today confirmed that they have reached a binding agreement on the purchase of Saab Automobile AB.

“Today’s announcement is great news for Saab employees, dealers and suppliers, great news for millions of Saab customers and fans worldwide, and great news for GM,” said John Smith, GM vice president for corporate planning and alliances.

“General Motors, Spyker Cars, and the Swedish government worked very hard and creatively for a deal that would secure a sustainable future for this unique and iconic brand, and we’re all happy for the positive outcome,” Smith said.

As part of the agreement, Spyker intends to form a new company, Saab Spyker Automobiles, which will carry the Saab brand forward. 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 will be disclosed in due time.

The Swedish government is at present reviewing the transaction and the related request for guarantees of a Saab Automobile loan that has been requested from the European Investment Bank. Assuming quick action, the transaction is expected to close in mid-February, and previously announced wind down activities at Saab will be immediately suspended, pending the close of the transaction.

“Throughout the negotiations, GM has always had the hope to find a solution for Saab that would avoid a wind down of the brand,” added Nick Reilly, president, GM Europe. “We’ve worked with many parties over the past year, including governments and investors, and I’m very pleased that we could come to such a good conclusion, one that preserves jobs in Sweden and elsewhere. GM will continue to support Saab and Spyker on their way forward.”

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About General Motors: General Motors, one of the world’s largest automakers, traces its roots back to 1908. With its global headquarters in Detroit, GM employs 204,000 people in every major region of the world and does business in some 140 countries. GM and its strategic partners produce cars and trucks in 34 countries, and sell and service these vehicles through the following brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, Opel, Vauxhall and Wuling. GM’s largest national market is the United States, followed by China, Brazil, Germany, the United Kingdom, Canada, and Italy. GM’s OnStar subsidiary is the industry leader in vehicle safety, security and information services. General Motors acquired operations from General Motors Corporation on July 10, 2009, and references to prior periods in this and other press materials refer to operations of the old General Motors Corporation. More information on the new General Motors can be found at www.gm.com.

Saab background: Saab entered the auto business in 1949 with the first model 92. Its aerodynamic shape and advanced technology drew from the company’s roots as an aircraft maker, and helped create what was to become a loyal and passionate customer base. GM acquired a 50 percent stake in Saab in 1990, and acquired the balance of Saab in 2000. As part of its strategy to focus on its four strongest brands in the U.S., GM began seeking a buyer for Saab in January 2009, a concerted effort that led to today’s announcement.

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Tom Wilkinson
Tel: 313-667-0366
Mobile: 313-378-6233
tom.wilkinson@gm.com

Eric Geers
Saab Communications
Tel: +46 520 85110
Mobile: +46 703 205490
eric.geers@gm.com

John McDonald
General Motors Company
Phone: 313-667-3714
Mobile: 313-418-2139
john.m.mcdonald@gm.com

—————–

MEDIA ADVISORY: Saab Conference Call Scheduled 2:00PM EST

2010-01-26

John Smith, vice president, global planning and alliances, will host a conference call for media at 2:00 p.m. EST (8:00 p.m. CET) to provide additional perspective on Saab.

· (800) 398-9367 (U.S.)
· +1 (612) 332-0226 (international/caller-paid)
· No access code is required
· Please provide your name and affiliation and ask for the GM conference call

An audio file of this call will be available shortly after the end of the call at http://media.gm.com.

Technical/broadcast questions:
Steve Griffes
313-220-7982 (mobile)
steven.l.griffes@gm.com

Tom Wilkinson
Tel: 313-667-0366
Mobile: 313-378-6233
tom.wilkinson@gm.com

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The GM Press Conference In Detroit – 11:30 EST

Posted on 25. Jan, 2010 by .

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

2010-01-25

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)
steven.l.griffes@gm.com

Summary:

* GM Chairman & CEO, Ed Whitacre has accepted a permanent position and has ended the search for a position.
* Saab, GM has not changed their mind on the wind down on the operation. Indicated advanced talks, and said that there is no deal to be announced this morning.

* No members of the press asked any questions about the ongoing negotiations with Saab at all.

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An Update Today On The Spyker Sale Process Of Saab

Posted on 25. Jan, 2010 by .

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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

2010-01-25

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)
steven.l.griffes@gm.com

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.

Spyker Cars N.V. : SPYKER CARS N.V.: REACTION ON PRESS SPECULATION ABOUT SAAB
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.

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GM Board Of Directors Meet In Detroit This Wednesday

Posted on 13. Jan, 2010 by .

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The GM Board Of Directors Meet In Detroit This Wednesday according to TTELA.

GM’s board in the meeting on Wednesday

Detroit / TT The twelve people at the General Motors board of directors have Saab’s ruling in their hands. .

This is a previously scheduled monthly meeting. According to John McDonald, it is not clear whether the entire board gather in one of the board rooms of the Renaissance Center – GM’s headquarters in Detroit. Some members may be having on the phone.

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The Official Language Of The Parallel Agendas For Saab

Posted on 12. Jan, 2010 by .

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Saab Automobile Investering AB as we know appointed a liquidator for their wind down this past Friday, however their sales process continues in parallel.

These two parallel tracks continue to concern people, but as we’ve heard before, it’s been officially indicated in the documents filed this past Friday.

Here’s an excerpt from the official language from the 21-page document that Saab History has received.

The shareholder is also of the opinion, having consulted with General Motor’s qualified Swedish counsel, that the initiation of a formal liquidation of the Company will not constitute a legal obstacle to a potential sale of the shares in the Company, in the event that a serious proposal of a credible bidder is accepted by General Motors in early 2010, because the liquidation is likely to take many months to complete and it may be revoked by the shareholder if an opportunity materializes in early 2010.

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New Deadline For Saab Bid Is Pushed To January 7th

Posted on 30. Dec, 2009 by .

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TTELA reports that a new deadline for the Saab bid is January 7th. It’s also worth noting that Saab Automobile’s factory is set to restart on January 11th, so let’s use this as our final deadline if the 7th is delayed by a few days.

New deadline for Saab bid

Stockholm, General Motors, Saab Spykers deadline for bids has been pushed back to January 7, states Spykers CEO Victor Muller of Reuters.
Mullen will now be more potential buyers than Spyker.

– This is something we have not heard of it yet, “said Anette Hellgren, union president of the Union at Saab’s Trollhattan factory, if the new deadline.

– I understand that the 31st was something that we thrust in the GM’s side in connection with the settlement announcement. Contrary, I have taken it so that it will hold on until it is finished.

Anette Hellgren says GM for a discussion with Spyker and it not strange that it set a deadline.

But timing is not important, as Koenigsegg, referring to when they pulled out?

– That’s it. There is a business plan that we so much want to follow.

– And the longer it drags on, the tougher it becomes, “says Anette Hellgren.

She does not believe there is a big gap between the end of December and January 7 from that aspect.
[…]

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