On again, off again, on again – GM sells Saab to Spyker
Daylife/Reuters Pictures used by permission
Dutch luxury sportscar maker Spyker may be the unlikely buyer of Saab but it is set to struggle with the real challenge: converting two loss-making companies into a profitable one.
After months of tortuous negotiations, Spyker sealed a deal with General Motors to buy Saab for $74 million cash and $326 million in deferred shares, sparking celebrations at its headquarters in the small Dutch town of Zeewolde.
Spyker CEO Victor Muller also bought out his largest shareholder, bank tycoon Victor Antonov, as part of the deal…
“It seems like a gamble. They’ve got the new 9-5, the 9-4X coming out next and the new 9-3 should be coming out in 2012, which could be quite lucrative, but whether they can attract customers back to the brand and make it profitable again is the billion-dollar question,” IHS Global’s Ian Fletcher said…
Hans van Rennes, Spyker’s vice president of marketing, said a Saab dealer sent the company a cake and one-time Saab suitor Koenigsegg called with congratulations. Outside, a Dutch television show organised a parade of old and new Saab cars.
“I still have a hangover but it’s a pleasant one because it’s from the champagne,” said Jantje Schaap, 50, a Saab dealer from the town of Lemmer who joined in the impromptu auto show.
And Spyker CEO Victor Muller and Saab head Jan Ake Jonsson were greeted with applause as they met with employees of the Swedish carmaker at a hastily organised rally in Trollhattan, the town in southwest Sweden home to Saab’s main plant and headquarters.
“I am really stunned to see all here today. Nothing prepared me for seeing so many people, so enthusiastic and it only confirms that we did the right thing,” Muller said to the around 3,000 staff crowding the stage.
RTFA for the not-so-boring details on financing. Both Spyker and SAAB have designers capable of both advanced engineering and contemporary industrial design. Yes, that means making stuff sell as well or better than it runs.
There probably are Swedish counterparts to Jonathan Ive hanging around town, looking for a gig.
