Saab Sale Nears
Published Jan 25, 2010
STOCKHOLM, Sweden — Representatives of General Motors and Spyker Cars met over the weekend to review the details of Spyker's $500 million offer to buy Saab.
According to the Financial Times and the Bloomberg news service, the deal may still fall through, but both sides appear to be closing in on a final agreement that could be announced this week.
Bloomberg also said that GM is insisting that Russian tycoon Vladimir Antonov, who holds a controlling stake in Spyker, must leave the company before a deal can be reached.
An additional requirement is that the Swedish government must guarantee a $566 million loan to Saab from the European Investment Bank.
Press reports said Spyker's offer is composed of $75 million in cash and $325 million in preferred shares in the "new" Saab after a deal is concluded, leaving GM with a stake in the revitalized firm.
Inside Line says: Does GM really want to be a part owner of Saab-Spyker? — Paul Lienert, Correspondent