Shareholders in Spyker approved the $74 million purchase of Saab

Article by Christian A., on August 26, 2010

The $74 million purchase by Spyker Cars NV of Saab from General Motors Co. has been approved by Spyker's shareholders two weeks after the deal was made a couple of weeks ago.

Spyker's Chief Executive Victor Muller told reporters on a conference call that the combined company would delist from the Euronext Amsterdam exchange and seek listings on the London Stock Exchange and the Stockholm Stock Exchange.

Even as Saab and Spyker didn't make any money the past decade, Muller has a target to be profitable in 2012. 

Muller said that he has secured the $50 million required to close the deal with GM, with the remaining $24 million due in July.

Aside from the cash part of the deal, the combined company would also have $326 million in redeemable preference shares issued to GM, $200 million in cash and a 400 million euro ($547 million) European Investment Bank (EIB) loan.

Saab rolled out only 20,791 cars last year while sales dropped to 39,903 from 94,751 in 2008. Nonetheless, the company has set a goal to increase production to pre-crisis levels of about 100,000 to 125,000 within two years.

To achieve this, the company is banking on a new sales and distribution strategy. [via autonews]

Topics: saab, spyker

If you liked the article, share on:

Pin It

Comments

Recommended

Reddit user Jdubbswrx spotted a rather deceptive move coming from the German automotive manufacturer Audi. He posted an image of the supposed exhaust of the new 2018 Audi SQ5 sporting...
by - March 29, 2017
McLaren car owners will be thanking the automotive company as it has decided to roll out new goodies for the 540C, 570S and 570GT sports car line-up. From this series...
by - March 29, 2017
On July 11, Audi is set to reveal its flagship luxury sedan, the all new A8. And at this moment, none of us are sure how this model will look....
by - March 29, 2017
The recent Porsche 911 is definitely considered one of the most elite sports car to grace the roads worldwide. The task of producing its successor is challenging enough for the...
by - March 29, 2017
British startup Zenos, which entered bankruptcy administration earlier this year is now back in business. The Norfolk-based sports car manufacturer was bought by a consortium of investors headed by AC...
by - March 29, 2017
Facebook

Youtube Channel

Tip Us
Do you have a tip for us?
Did you film an important event?
Contact us
Newsletter
Subscribe to our newsletter!
Subscribe
Galleries