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Saab lives! Spyker signs a deal to buy the Swedish carmaker.

26.01.10

Saab lives! Spyker signs a transaction to buy the Swedish carmaker.

Posted by: David Welch on January 26, 2010

Saab, it must be said, has more lives than a dozen cats. Familiar Motors said today that it reached a do business with Spyker Cars NV to sell the Swedish carmaker. The huge quantity is reportedly worth about $500 million. The jumble sale comes after a year of trying to market Saab. One deal with Swedish display car specialist Koenigsegg AB had already fallen through. GM was so non-specified that a buyer wouldn’t be found that they even sent two advisors in to start liquidating the associates. Assuming the sale closes, the convention will be called Saab Spyker Automobiles but will still use the Saab type.

Give Spyker CEO Viktor Muller some reliability. Through pure perseverance he managed to attraction a deal together to convince GM to sell. GM was set on liquidating the associates. All along, executives told me, GM was wary of selling the companions to a player who couldn’t make it travail in the long run. If a new owner failed to fix Saab, the players could have ended up back in GM’s hands only in worse modify than before. Muller convinced GM that he can save the business. A few big things changed along the way to make the lot happen. Spyker upped its bid and proved to GM that he had the change to get a deal done. The Dutch maker of odd sports cars also got Russian banker Vladimir Antonov, who owned 29.9% of the Spyker, out of the exact likeness, according to a source close to the apportion. GM was not comfortable going into business with him, even-handed as the company was not keen to sell its German Opel element to a consortium that included Russia’s OAO Sberbank. The Russians covet access to automotive technology to servants grow their own industry. Since GM engineered expected Saab models using platforms and engines shared by Opel and Chevrolet cars, the gathering will be doing business with Spyker for years to earn.

Source: BusinessWeek

Automotive Blog

26.01.10

Tesla Motors CEO Elon Musk is done preparing to take his car company public. On Jan. 29, Musk’s players filed for an initial public ancestry offering, which he has talked about as a possibility for a span of years. He wants to sell $100 million importance of stock, which could help fund a new works or some acquisitions as Tesla prepares to opening its Model S sedan in 2012. The entourage originally planned to launch the car in 2011. Tesla sells a $109,000 Roadster now.

A a handful of of things come to mind. First is the Theatre troupe’s profit history—or lack of profit record—and the risk it presents for stockholders. The followers has lost $236.4 million on $108.2 million in gross income since its inception in 2004, according to its announcement. The company also disclosed that it has not made money in any one distinct quarter. As an aside, the company bragged that it made a $1 million profit in July of 2009, but plainly couldn’t sustain it. Any investor needs to skilled in that it will be difficult for an electric-car company to loop a buck, especially given the sell for of developing lithium ion batteries and the power electronics needed to hand over these cars go.

Source: BusinessWeek (blog)

Saab Delays Sale Decision, New Bidder In The Ring

07.01.10

Saab may yet fend off relegation to the same particle heap as Pontiac and Saturn, as the troop today delayed a meeting to opt for on Spyker's latest bid in order to study new proposals, including one from private neutrality firm Genii Capital, which also owns a post in Renault's F1 team. Spyker's settled shot was due to be decided upon today, but the entrance of Genii into the ring--potentially with a legal tender offer--means the meeting will be put off until tomorrow. Genii plans to use Koenigsegg AB's duty plan, which received GM's approval, the mete out falling short on funding rather than. But Genii stands poised to fulfill Ed Whitacre's entreaty to have someone--anyone--show up with the money. It'll have to wait until tomorrow to see if Saab has a discover ' new owner. Other issued to be handled tomorrow number how to start Saab back up on January 11 after its four-week smash. The details of Spyker's final bid are still wrapped in secretiveness, but GM is open to the offer, according to Reuters and other reports.

Source: Motor Authority (blog)