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Business

Spyker finalise 400 million dollar Saab purchase

Text by News Wires

Latest update : 2010-02-23

Dutch sports car maker Spyker now owns Saab, the former brand of US auto giant General Motors. The transfer of ownership took place on 23 February in a deal worth worth around 400 million dollars

AFP - Dutch sportscar maker Spyker said Tuesday it had finalised the purchase of Swedish carmaker Saab from General Motors.
  
"The transfer of ownership took place at 4:30 pm on February 23," Spyker said in a statement.
  
Saab Automobile and Spyker Cars would operate as sister companies going forward, both held by holding company Spyker Cars N.V., which is listed on the Amsterdam Euronext exchange, it said.
  
"We are delighted. Saab's future is now secure," Spyker chief Victor Muller said in the statement.
  
"From today we will be concentrating all of our efforts into reviving Saab and transforming it into a sustainable and profitable company with the confidence to be bold," he added.
  
Spyker and GM reached a deal last month for the sale of Saab for 74 million dollars (54 million euros) in cash and about 326-million-dollars' worth of redeemable preferred shares to be retained by the American giant.
  
Saab's future had been in doubt throughout 2009 as GM, going through bankruptcy, radically restructured its business and tried to sell off what it saw as non-core and unprofitable assets.
  
"Today's announcement is great for Saab's customers, dealers, suppliers and employees around the globe," Saab chief Jan Aake Jonsson said in Tuesday's statement.
  
"The level of passion and support shown to Saab over recent months has been remarkable and this does bode well for the future," he said, adding that the Swedish company would now focus on the introduction of its new 9-5 model later this year.
  
Spyker, a minnow in the global auto industry, manufactured 21 cars in the first quarter of 2009 and sold 23 for prices starting at 199,990 euros. It has a workforce of about 90 assembly workers while Saab has 3,400 employees in Sweden alone.
 

Date created : 2010-02-23

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