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SAAB Spykered (From Andover Advertiser)
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SAAB Spykered
3:35pm Friday 29th January 2010
SAAB is saved – General Motors and Dutch-based Spyker Cars NV have reached a binding agreement on the purchase of Saab Automobile AB.
The deal has been welcomed by Hampshire’s Saab dealer Ian John who owns the WhiteQuay Group, the UK’s largest independent Saab chain with dealerships in Second Avenue, South-ampton, and at Newbury and Reading.
On January 17 he led a Southampton contingent of staff and customers in a day of Save Our Saab convoys to GM’s Luton HQ – one of countless convoys around the world demonstrating passion to save the iconic brand.
He said: “Viktor Muller [Spyker CEO] deserves a huge accolade for perservering with this deal which shows how forward-looking he is.
“My staff have also been exceptional in their loyalty to a brand for which the future is very exciting.
“The cars we are selling are remarkably good value and people who buy now can buy with confidence, knowing that values can only soar now the uncertainty’s over.”
John Smith, GM vice president corporate planning and alliances, said the deal was “great news for Saab employees, dealers and suppliers, great news for millions of Saab customers and fans worldwide, and great news for GM.
“General Motors, Spyker Cars, and the Swedish government worked very hard and creatively for a deal that would secure a sustainable future for this unique and iconic brand, and we’re all happy for the positive outcome.”
As part of the agreement, Spyker intends to form a new company, Saab Spyker Automobiles, which will carry the Saab brand forward. The sale will be subject to customary closing conditions, including receipt of applicable regulatory, governmental and court approvals. The Swedish government is reviewing the transaction and the related request for guarantees of a Saab Automobile loan requested from the Euro-pean Investment Bank. The deal is expected to close in mid-February, and previously announced wind-down activities at Saab have been immediately suspended, pending the close of the deal.
Nick Reilly, president, GM Europe, said: “We’ve worked with many parties over the past year, including governments and investors, and I’m very pleased that we could come to such a good conclusion, one that preserves jobs in Sweden and elsewhere. GM will continue to support Saab and Spyker on their way forward.”
l Saab entered the car business in 1949 with the first model 92. Its aerodynamic shape and advanced technology drew from the company’s roots as an aircraft maker, and helped create a loyal and passionate customer base.
GM acquired a 50 per cent stake in Saab in 1990, and the balance in 2000. It began seeking a buyer for Saab in January 2009.
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