In the midst of the saga that seemingly never ends, there is now a report that GM may yet again be on the verge of closing a deal with former front runner, Spyker Cars. Spyker produces exotic sports-cars that are known for belonging to a tight-knit community of enthusiasts – not much unlike the owners of Saab vehicles who have been staging worldwide rallies and holding signs that beg, “Save Saab.”
In a report released by Bloomberg, GM and Spyker officials met in Stockholm over the weekend to discuss the final details of a plan to sell Saab to Spyker – and it appears as if the deal may be a winner.
According to two sources that spoke with Bloomberg, Spyker has made an offer worth a total of $500 million for the Swedish automaker – including cash and stock. The deal would allegedly give GM $75 million in cash, along with $325 million in preferred stock in the company that would result from the acquisition of Saab, by Spyker.
Of course, as with anything involving the sale of Saab – there are contingencies worth noting. For starters, GM is demanding that Valdimir Antonov, a Russian businessman, chairman of Spyker and the largest investor in Zeewolde, a Netherlands-based sports-car maker, must leave the company [Spyker]. This contingency comes with little explanation at this time, but we imagine it likely involves the potential conflict of interest between Spyder-Saab and Zeewolde.
The second major contingency of the plan centers around GM demanding that the Swedish government guarantee a $566 million loan from the European Investment Bank, to Spyker-Saab. The loan would be necessary in order for Spyker to finance the changes and integration of Saab.
Genii Capital, a group that included Formula One tycoon Bernie Ecclestone, has formally conceded from the bidding.
“We have worked hard, unfortunately time was not on our side, ” said Lars Carlstroem, of Genii Capital during an interview with Bloomberg.
Carlstroem said, “We are pleased to hear about Victor [Muller, Spyker CEO] and his attempt to buy Saab. He’ll be a perfect owner for Saab going into the future.”
Genii can be added to the list of bidders that have dropped out of the bidding for Saab, including Swedish exotic sports-car maker, Koenigsegg. Koensigsegg was backed by Beijing Automotive Industry Holding Co. (BAIC) in its attempt to purchse Saab from GM. After dropping out from the bidding for the entire brand, BAIC acquired $200 million worth of technology and plans for older Saab models from GM.
