Follow us on TwitterBREAKING NEWS: GM to Sell Saab to Spyker
Finally! The Saab story isn’t coming to an end after all. Thankfully though, it does seem like this chapter of it is. General Motors’ financial problems resulted in the decision to sell the brand, along with Saturn, Hummer and Opel.
However, for whatever reason each of the asset sales fell apart – Saturn with Penske Automotive Group, and then Koenigsegg with Saab and now it looks like the same situation is happening with Hummer.
Opel didn’t work out, but only because GM backtracked on its desire to sell. Since the Saab sale fell apart, GM has been attempting to find a suitable buyer, and that hasn’t worked out as well as they hoped – until now.
Spyker, like Koenigsegg, is a small sportscar company (which also happens to be a CarThrottle favorite) that no one expected to be in serious contention for a relatively volume company like Saab.
Overall, the deal is worth $400 million USD. However, only $76M (pocket change for a company the size of GM) is cash going to GM. The rest – $324M, will be given to GM in the form of shares in the new entity, Saab-Spyker Automotible NV.
If you’ll remember, a worry for GM in the Saab transaction was its valuable intellectual property falling into Russian hands. The only way this deal could work was to eliminate any Russian involvement.
To that end, Spyker’s current chairman Vladimir Antonov is stepping down, and Victor Mueller, Spyker’s CEO, has bought out Antonov’s share in the company. The share purchases leave Muller with a 38% share in the new entity, Abu Dhabi’s sovereign fund with 22.5% and other small shareholders below the 5% threshold.
So, that’s all the details we have available on the deal right now. Lets hope everything works out – for now, Saab (and the stunning new 9-5) lives to see another day.
This is such good news. So very happy to hear it.
I do wonder, though, if GM is to get 3/4 of their selling price in the form of shares, doesn’t that sort of mean they still have ownership of the company? I mean, isn’t that exactly how hostile takeovers happen; one company aggressively purchases enough stock to become a majority stakeholder?
Whatever. I sincerely hope that Spyker will position the new Insignia/9-5 as only a stepping stone to a better, brighter future for Saab.
If Saab is going to be a succesfull
brand in the future , GM CAN NOT be involved !
They screw up everything they touch.
There has to be more to it as I don’t think Spyker
would let GM be the major share holder.
That is great news Tony, I would not feel so bad if another motor company went under, but the niche that Saab has produced for itself over the years deserves and opportunity to live on.