Tag Archives: IF


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

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Saab’s Union, IF Metall, Plans To Contact U.S. Government

Posted on 30. Dec, 2009 by .


Swedish Radio & TTELA indicate that Saab Automobile’s union, IF Metall plans to contact the White House.

Someone at Saab should contact the U.S. government for reviving negotiations on Saab’s future.

Stefan Löfven, IF Metall Chairman

– We have decided to do all that is necessary. We want to know that when this is over, no matter how it ends, so we have done our very best, “said Stefan Löfven, president of IF Metall.

IF Metal, The Union of Sweden and engineers are trying to contact the U.S. government to influence negotiations on Saab’s future. The U.S. government since the financial crisis is the majority shareholder in GM.

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Saab Automobile To Double Production In 2010

Posted on 17. Nov, 2009 by .


TTELA reports that Saab Automobile wants to double the production at the factory in Trollhattan, Sweden beginning in the first of the new year.

Saab raises rates after the New Year

Saab Automobile will more than double the rate of production at the factory in Trollhättan, Sweden after the new year, from 100 to 220 cars per day. The increase is made from a very low level and is a first step towards a normal volume of production.

Trollhättan. Saab Automobile is planning to more than double the rate of production at the factory in Trollhättan, Sweden after the new year, from 100 to 220 cars per day.

The increase is made from a very low level. With the current pace of construction more than 30 000 cars per year. The change represents a first step towards a normal volume of production.

– We will raise the rate from week 1, and go from 13 cars per hour to 28 cars per hour, “says Paul Akerlund, chairman of the IF Metall union at Saab Automobile, the newspaper TTELA.

Today’s construction rate is so low, that the customers you have to wait too long for their new cars.

64 of the 700 persons who were dismissed from the factory this spring have been reinstated in the last month. Paul Akerlund think it needed more re-employment to cope with the growth of production, and of course hope that the factory will wind up even more during the course of next year.

Under the current forecast, Saab expects to sell about 60 000 cars 2010th

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How Will Saab Compete In An Era Of Emerging Hatches?

Posted on 14. Oct, 2009 by .


It is rather ironic, but today it seems like everyone except for Saab, is launching premium hatchback models. I say, good for them for doing it because Saab was historically known for hatches, however that 28-year history of hatchbacks came to an end in 2002.

Joe from Gaywheels states that “The trend seems to be melding the sedan with wagon to get a hybrid hatch. Not as functional as a wagon but arguably more sexy.”

The majority of the competition is now beginning to offer a number of premium hybrid hatchback models for buyers today from 3-doors to 5-doors and the demand is growing.

When it comes to the all new Saab 9-5 sedan, many were hoping including myself for that to also be a premium sport back model with a hatch, but it was not.

To clarify, while Saab has wagons or combi models and even an all new 9-5 Wagon coming. However, these models are not hatchbacks are not a replacement for a sport back premium hatch as they are wagons and therefore a completely different segment.

The question now is going to become, can Saab Automobile, once a legend in premium sport back hatches, compete in a premium hatchback segment where they no longer offer this in their product portfolio? I wonder if ending the hatchback a whole seven years ago and now seeing the market demand what they once had with competitors responding, is going to finally send the message to Saab Automobile. Regardless, Saab best take swift action and include a hatch in the all new 9-5 sedan as a variant and certainly in the new 9-3 to debut in 2011.

Here’s a list of manufacturers with their respected models on board with a 5-door hatchback model today that are part of the premium luxury sport hatch segment including some with the versatile twin-back system.

BMW 2010 3-Series & 5-Series Hatchbacks W/Twin Back


Audi 2010 A5 Sportback


Skoda 2010 Superb W/Twin Back


Honda 2010 CrossTour


Opel Insignia 2010 5-door hatch (same platform as all new Saab 9-5)


Jaguar To Launch 2014 Hatchback To Model Lineup


Porsche – 2010 Panamera


Aston Martin – 2010 Rapide 5-Door Hatch


Bugatti 2013 Bugatti C16 Galibier 3-Door & 5-Door Hatch


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Sweden’s Mona Sahlin Says Swedish Government Should Provide More Help to Saab Automobile AB

Posted on 31. May, 2009 by .


Sweden’s Mona Sahlin, the Social Democratic Party leader that walked with the Saab employees at the torchlight procession in Trollhattan this past winter, says, according to SVT, that the Swedish Government should have been more helpful to Saab Automobile.

Sahlin: Saab should have been more help

Social Democratic party leader Mona Sahlin believe that Saab should have had more help from the government.

We would have been able to act in the same way as the German government with generous scrapping to get the trade in environmentally friendly cars, “she says to the SR’s Eko.

Saab’s situation could have been different if the government like the German assisted ‘their’ car to get new owners, believe Sahlin.

According to Sahlin Saab still has many interesting stakeholders.

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Saab USA Jet Into Spring Sale Ends 4.30.2009

Posted on 24. Apr, 2009 by .



Photo Credit: Saab USA (left) / Saab History (right)

The Saab USA “Jet Into Spring” sales event ends on the last day of April.

The Jet Into Spring event offers 0% for up to 60 months for qualified buyers on the entire 2009 Saab 9-3 lineup (sport sedans, sport combis and convertibles.

If you are in the market for a new Saab, check out the prices on the Saab USA website directly.

I also encourage you to, if logistically possible, to go through the Saab History’s Saab dealerships sponsors directly as indicated on the banner ads on this website, as they will surely take care of you in your market!

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Swedish Government’s Enterprise Minister, Jöran Hagglund Says Saab Has 3 To 5 Serious Bidders

Posted on 02. Apr, 2009 by .


Dow Jones Swedish Correspondent, Ola Kinnander, indicates in a dialogue with Jöran Hagglund, (the Swedish Government’s State Secretary who is fighting for Saab Automobile’s success) that Saab Automobile has 3-5 serious bidders.

What is interesting about this is that back in December we heard that there were 3 bidders from Jan-Ake Jonsson, then later we heard about 5, then recently 6-8 and then from the union IF Metall, 10!

I am beginning to be less interested in the number of bidders and more interested in who they are already.

Here is the piece below from tMr Kinnander of Wall Street Journal:

Sweden Government Official: 3 To 5 Serious Bidders for GM’s Saab / Dow Jones

By Ola Kinnander ? April 1, 2009

STOCKHOLM – Saab Automobile AB, which owner General Motors Corp. is trying to sell, appears to have attracted between three and five serious bidders,
but its chances of survival remain uncertain, a senior Swedish government official told Dow Jones Newswires Wednesday.

He also said the Swedish and German governments have discussed the possibility of merging Saab and Opel, another troubled GM unit, but
decided such a deal wasn’t feasible.

Saab in recent weeks has said that about eight parties have expressed interest in potentially taking over the Swedish car maker.
Joran Hagglund, a state secretary in the Swedish Enterprise Ministry who is the government’s main liaison with the auto industry, said in an
interview that he suspects some rival car makers may signal interest in Saab simply to gain access to its books and research and development plans.

The picture may clear up in a couple of weeks, and then it may show that “between three and five” parties are seriously considering investing in Saab, he said. However, Hagglund doubted whether this interest would be enough to save Saab once GM cuts its ties. “It would be very nice” if Saab could survive, he said. “But the signs point the other way. The auto industry is in free fall. There may be no strong buyers.”

Potential buyers likely can soon choose between several car companies in crisis. “The question then is, does Saab’s concept fit into an interested party’s ideas? I can’t answer that, other than to say that it looks grim,” he said.

Saab in February filed for bankruptcy protection, similar to the Chapter 11 process in the U.S. Saab on Monday will meet with the reconstruction team and representatives of GM and Sweden in a Swedish court to decide whether the reconstruction period, which is set to expire next month, will be extended.

Hagglund said that since GM had paid almost all of the debt owed to Saab’s suppliers, he expected the court to approve Saab’s request for an extension for up to three months more.

He also said he thought it was unlikely that Saab and Opel, GM’s struggling German unit, would team up. The Swedish and German governments have discussed that possibility but “have pretty much concluded that … it’d be pretty difficult to find an owner who wants to go in and own both of these loss-making companies.”

Hagglund reiterated the Swedish government’s stance that it wasn’t interested in owning any auto companies.

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Swedish Government’s Mona Sahlin Expresses Support For Saab Automobile AB

Posted on 20. Mar, 2009 by .



Photo Credit : TTELA Dragan Mitrovica

The Swedish Government’s leader of the Social Democratic party Mona Sahlin, our friend and support of Saab Automobile who rallied in the streets of Trollhattan back in February, is rallying again for the success of the company.

This continues to show that the Swedish Government is still split on supporting Saab Automobile until a new buyer comes along.

Here is the piece below from TTELA.

Published March 19, 2009 Updated March 19, 2009

Mona Sahlin is consistent with Trollhättans commissioner Gert-Inge Andersson (S) – Swedish automotive industry has a future and Saab is an important part of it. In addition to the visit at car plant did Sahlin to meet trade union and political representatives and to see the stadium construction in Vänersborg.

Mona Sahlin will give Saab a chance

TROLLHÄTTAN / VÄNERSBORG once was Mona Sahlin on the ground in the crisis, Trollhättan and once again was the message:

– Give Saab a chance.

The opposition leader believes in the car industry’s future and recommend measures in the form of loan guarantees and scrapping premium.

The day began with a visit to the Arena Vänersborg.

– Very Exciting, great and otherwise, was the verdict from Mona Sahlin.

She looked forward to coming back and look at bandy at a later date.

But it was not building an arena that was the main reason for opposition leaders Sahlins visit in Trollhättan and Vänersborg. The afternoon she declined to even visit Saab and talks with both unions and CEO Jan-Åke Jonsson.

Criticism of Government and Enterprise Minister Maud Olofsson’s handling of the situation persists.

– If I had been responsible, I had said I think that Saab has a future. Europe needs to buy more cars.

Mona Sahlin, the return that she believes in the business plan. And that the State should provide loan guarantees and the introduction of a scrapping premium to help Saab to survive until they found a long-term owner.

– If Saab is lost, it costs taxpayers a lot more than to give Saab a chance.

Swedish car industry’s future lies as Mona Sahlin in the development of cars in the fuel-efficient, environmentally-friendly segment. And the fight is about so much more than just jobs in the car. Pins Sweden automotive industry disappears skills could fertilize other industries.

At Volvo, the union accepted the reduced working hours with reduced pay in the fight for jobs. Mona Sahlin did not want to take away from that method.
– State evade responsibility, while the union is fighting for. It occurs in the absence of a strong a-cash. I read not metal for this, I read the government.

Yesterday’s visit coincided with the publication of a survey done by Synovate. The show declining confidence in the leader, but said to take the figures.
– There are polling numbers, and there are real numbers.

With real figures were she, for example, the unemployment statistics.
– The government has options to show that you can manage the job crisis while also having the voters’ confidence.

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