Tag Archives: Swedish National Debt Office

The Saab Spyker Deal Is Expected To Close With GM Today

Posted on 15. Feb, 2010 by .

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Today, the long awaited Saab Spyker deal is expected to close with GM as originally scheduled.

Radio West have recently indicated that the deal is expected to be done by the end of the day. Whether that is the end of the business day for Sweden, or the United States is uncertain. If history tells us anything then perhaps it will be before noon EST in the United States as Sweden will be wrapping up the end of their business day.

In the meantime, here’s the article below:

Today Spykers purchase of Saab Automobile’s will be clear. All of pieces of the puzzle are now in place so it’s all about GM and Spyker closing the deal.

Spykers initial payment: 350 million Swedish kronor.

The plan indicates that Spyker will complete negotiating with GM on the sale of Saab Automobile by the end of the day.

Some of the last pieces of the puzzle fell into place in the course last Friday when Spykers extraordinary congress voted for the purchase, the Swedish National Debt Office said yes to the loan guarantees and the European Investment Bank gave the green light to the loan.

If everything goes according to plan, Spyker’s first installment will be 50 million U.S. dollars to GM, equivalent to just over 350 million Swedish kronor.

Spykers CEO Victor Muller provided clarity recently about his funding a week ago with his business acquaintance, Pieter Heerema, the offshore company set up with a loan.

The rest of the money to purchase 24 million U.S. dollars is to be paid under the agreement July 15.

But most of the money that GM will want to remain in the Saab Spyker as the reference shares and paid in due course.

And an agreement between Spyker and GM must be done as soon as possible.

As long as the situation is presently, Saab can not go further and conclude agreements with its suppliers, making it impossible to get started with production.

So once a purchase agreement is completed, the Saab staff will finally begin to see a glimpse of the future where it will start building cars again, perhaps as before.

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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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Swedish National Debt Office Submits Final Approval For State Guarantee Of European Investment Bank Loan

Posted on 12. Feb, 2010 by .

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maudweb

The Swedish Government’s Maud Olofsson and Bo Lundgren held a press conference today at 3:20pm in Sweden about the Saab Spyker EIB loan Guarantee.

They indicated that the final review of the Swedish National Debt Office has been completed and submitted to the EIB, now we await the decision from the European Investment Bank.

The response from the EIB is expected either today or Monday, February 15th, when the Spyker Saab sale is expected to close.

For more information about this conference and for a video recap, please visit this link.

Here’s a recap from Sweden’s E24 News covering the press conference that was over 20 minutes long.

The Debt Office has given its final approval of the State guarantee for Saab’s loan from the European Investment Bank for 400 million euros. The Debt Office also believes that the business plan is “reasonable”.

– We are the projects and ensures that makes us a greener vehicle fleet, “said Maud Olofsson, during the press conference.

– Then it’s up to Spyker and GM to make up for the deal. But we have sufficient collateral to provide these guarantees, “she says.

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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 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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Koenigsegg Group AB Signs Memorandum Of Understanding With Beijing Automotive Industry Holdings

Posted on 09. Sep, 2009 by .

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Today, the first ever press release by Koenigsegg Group AB regarding the Saab Automobile deal, indicates that they have signed a memorandum of understanding with Beijing Automotive Industry Holdings.

This press release was not only showcased on Saab Automobile’s media site, but like I said, the first ever regarding Saab, published today directly on Koenigsegg’s media page here.

For more information on BAIC, please visit their website address here: http://www.bqkgdjw.com/

Here is the press release below.

2009-09-09

CONTACTS

Koenigsegg Group AB signs MOU with Beijing Automotive Industry Holdings Co. Ltd (BAIC) regarding SAAB Automobile AB

Koenigsegg Group AB has signed a Memorandum of Understanding (MOU) with Beijing Automotive Industry Holdings Co. Ltd. (“BAIC”) to explore growth opportunities in the Chinese and international markets for the products of SAAB Automobile and BAIC.

Under the terms of the MOU, BAIC would become a non-controlling minority shareholder in Koenigsegg Group. Koenigsegg Group will own 100 per cent of SAAB Automobile AB. The intention is to conclude an agreement later this year. Due to confidentiality agreements signed, further facts cannot be discussed at this time. The Swedish Government has been fully briefed on the MOU.

“This is an important step on the road to a new SAAB Automobile. We have a solid business plan, an important partnership and we are now in a position to go ahead without any governmental financing,” said Christian von Koenigsegg, CEO of Koenigsegg Group AB.

Koenigsegg Group now focuses on the ongoing discussions with the Swedish National Debt Office about the government guarantee for the loan with the EIB that SAAB Automobile has applied for.

About Koenigsegg Group AB: Koenigsegg Group AB is a consortium of private investors with an industrial and entrepreneurial background. Augie K. Fabela II, an American entrepreneur was the co-founder of Vimpelcom (NYSE: VIP), and is the lead shareholder in the consortium, which also includes Norwegian entrepreneur BÃ¥rd Eker and Christian von Koenigsegg, the founder of Koenigsegg Automotive AB. Koenigsegg Group is a long term investor and its vision is to revitalize the SAAB brand and transform SAAB Automobile into a standalone independent company.

About BAIC: Beijing Automotive Industry Holding Co. Ltd, headquartered in Beijing, is one of the major auto manufacturers in China. It established Beijing Jeep Corporation, the first Sino–U.S. automotive joint venture with American Motors (AMC) in 1983. In the past 30 years BAIC has successfully built up partnerships with two auto giants – Hyundai and Mercedes Benz, as well as close cooperation with twelve auto components makers. There are more than 20 joint ventures in total within BAIC, engaging in auto or auto parts manufacturing businesses. Today BAIC is one of the most competitive auto groups in China, with four auto manufacturing subsidiaries with a product portfolio of passenger cars, SUVs and commercial vehicles. BAIC is one of the fastest growing auto companies in China. From January to August BAIC sold 792,550 vehicles, with a year on year growth of 42.4 per cent. The total car sales are expected to reach 1.13 million this year.

CONTACT(S):
Christian von Koenigsegg
Koenigsegg Group
Tel: +46 431 45 44 60
Email: info@koenigsegg.se

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