Spyker ready to sell its sports car business and focus more on Saab

Article by Christian A., on February 24, 2011

We have bad news for all of you folks who love the well-known Spyker sports cars… no, the brand will not die, but Spyker Cars announced today that it is negotiating to sell its business t a company which is controlled by Russian billionaire Vladimir Antonov.

As you may know already, Spyker bought Saab a year ago (celebrating freedom of the brand with the 2011 Saab 9-3 Independence Edition) and said it has signed a memorandum of understanding to sell Spyker's assets to UK holding company CPP Global Holdings, owned by Antonov.

According to sources, the sale of Spyker could raise 32 million euros ($44 million) and will help the Dutch company to reduce borrowings to 25 million euros, from 92 million euros now.

That excludes debt owed by Saab itself. Same sources confirm the fact that Victor Muller took this decision to sell Spyker in order to "spread its wings without being restricted by the capital structure" of the listed parent.

"Spyker's (luxury car business) is a small fish in a large pond. Spyker would need additional funds, but to issue shares and dilute shareholders seemed like a very bad plan so we decided to divest these activities," Muller told reporters in a conference call. [via autonews - sub. required]

Topics: spyker, saab

If you liked the article, share on:

Comments

Recommended

Here are some things that potential buyers of the Ford F-150 and Ford Expedition could look forward to for the 2018 model year. The 2018 models of the F-150 pickup...
by - August 15, 2017
We first saw the McLaren 720S earlier this year when it made its debut at the Geneva Motor Show, and we all agree that it is a beautiful car. But...
by - August 15, 2017
It has been six years since Lexus introduced the current generation of the CT 200h hybrid. For the 2018 model year, the current CT 200h lives through with some minor...
by - August 15, 2017
What happens when an auto company finds that a certain offering is not selling enough to make a good business case? Continuing to build and sell such vehicle would only...
by - August 14, 2017
It looks like that Audi is in the final stages of finalizing its new Audi Q8 sports utility vehicle. While the German premium carmaker has yet to reveal the looks...
by - August 14, 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