Saab JMK Blog

A Video on Saab's Future

 

General Motors Company and Spyker Cars NV, led by CEO Victor Muller, today confirmed the details of a binding agreement over the purchase of Saab Automobile AB. The transaction is expected to close in February and Saab Automobile will exit the orderly wind down process in line with that timetable. Saab Automobile CEO Jan Åke Jonsson and Spyker Cars CEO Victor Muller give their reaction

Words with substance....

Given the news that Saab has been purchased by Spyker I am reminded of the words Spyker CEO Victor R. Muller was recently quoted saying:

"Our company motto is nulla tenaci invia est via - for the tenacious no road is impassable," said Muller, "And we intend to remain true to that throughout these negotiations as we bid to secure Saab's future and revive the company."

Truly a man of his word. Thank you Victor.

GM Reaches Agreement to Sell Saab to Spyker

DETROIT – General Motors and Spyker Cars NV today confirmed that they have reached a binding agreement on the purchase of Saab Automobile AB.

"Today’s announcement is great news for Saab employees, dealers and suppliers, great news for millions of Saab customers and fans worldwide, and great news for GM,” said John Smith, GM vice president for corporate planning and alliances.

“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,” Smith said.

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.  Other terms and conditions specific to the sale will be disclosed in due time.

The Swedish government is at present reviewing the transaction and the related request for guarantees of a Saab Automobile loan that has been requested from the European Investment Bank.  Assuming quick action, the transaction is expected to close in mid-February, and previously announced wind down activities at Saab will be immediately suspended, pending the close of the transaction.

“Throughout the negotiations, GM has always had the hope to find a solution for Saab that would avoid a wind down of the brand,” added Nick Reilly, president, GM Europe. “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.”

 

About General Motors:  General Motors, one of the world’s largest automakers, traces its roots back to 1908.  With its global headquarters in Detroit, GM employs 204,000 people in every major region of the world and does business in some 140 countries.  GM and its strategic partners produce cars and trucks in 34 countries, and sell and service these vehicles through the following brands:  Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, Opel, Vauxhall and Wuling.  GM’s largest national market is the United States, followed by China, Brazil, Germany, the United Kingdom, Canada, and Italy.  GM’s OnStar subsidiary is the industry leader in vehicle safety, security and information services.  General Motors acquired operations from General Motors Corporation on July 10, 2009, and references to prior periods in this and other press materials refer to operations of the old General Motors Corporation.  More information on the new General Motors can be found at www.gm.com.

Saab background:  Saab entered the auto 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 what was to become a loyal and passionate customer base.  GM acquired a 50 percent stake in Saab in 1990, and acquired the balance of Saab in 2000.  As part of its strategy to focus on its four strongest brands in the U.S., GM began seeking a buyer for Saab in January 2009, a concerted effort that led to today’s announcement.

 

NYC Times Square Rally- Show Your Saab Spirit

We have been notified that January 24th, 2010 is the day chosen for a Saab Spirit rally to be held in New York City's Times Square.

The organizers plan on meeting at 10:00am in Tappan New York with the plan to arrive in Times Square at noon.

You can click here to register for the event should you wish to participate. 

 

 

 

Sweden Steps In to Broker Saab Deal, Told by GM Sale Possible

SOURCE: Bloomberg By Ola Kinnander

Sweden Steps In to Broker Saab Deal, Told by GM Sale Possible

Jan. 12 (Bloomberg) -- General Motors Co. told the Swedish government that it’s still considering bids for its Saab unit while winding down the brand, according to a government spokesman.

Swedish officials, including State Secretary Joeran Haegglund, the government’s main liaison to the auto industry, visited GM in Detroit yesterday to explain how Sweden can guarantee a 400 million-euro ($580 million) loan for Saab from the European Investment Bank, the European Union’s lending arm, said Haakan Lind, a government spokesman.

The Swedish representatives held “good” talks with GM officials, Lind said in a telephone interview today. The officials discussed how fast the loan can be guaranteed, depending on which bidder gets to buy Saab, he said.

GM Vice Chairman Bob Lutz said yesterday that none of the offers the carmaker has received so far for Trollhaettan, Sweden-based Saab presents an attractive alternative to shutting the unit and that it will continue the process of shutting down the brand.

“The process continues,” Lind said. “There’s still a chance Saab will be sold.”

Genii Capital, the Luxembourg-based private-equity firm that agreed to acquire a majority stake in Renault SA’s F1 team last month, submitted a cash offer for Saab on Jan. 7. Dutch supercar maker Spyker Cars NV also submitted an offer, a revision of its Dec. 20 bid. Other bidders include a group headed by Jan Nygren, a former Swedish deputy prime minister, and a Wyoming-based investor group headed by Merbanco Inc. President Chris Johnston.

Saab restarted production in Trollhaettan yesterday after a four-week holiday break. Saab’s 3,500 workers today are scheduled to leave the factory “for a short while” to show their outrage with the wind-down process, Paul Aakerlund, an IF Metall union representative on the Saab board, said in a telephone interview.

To contact the reporters on this story: Ola Kinnander in Stockholm at +46-8-610-0714 or okinnander@bloomberg.net

 

FACTBOX-Key bidders for GM's SAAB (Reuters)

SOURCE: Reuters News

8:19am EST

Jan 8 (Reuters) - Hopes that GM [GM.UL] unit Saab will find a buyer rose on Friday after new bidders joined the race, just before a deadline expired. [ID:nLDE6070TP]

Formula One motor racing boss Bernie Ecclestone is part of a bid to buy the struggling Swedish carmaker.

GM has been trying to sell Saab for a year, and a deadline for bids expired overnight with reports that at least three were submitted, including one from small Dutch luxury carmaker Spyker.

The 60-year-old Swedish auto brand may be wound down if GM cannot find a buyer. Such a move would eliminate 3,400 jobs in Sweden and hit 1,100 Saab dealers. Sweden has said it would allot 542 million Swedish crowns ($75 million) to measures, mainly for education and job schemes, to help deal with the thousands of jobs set to disappear if Saab was shut down.

Here are some key facts about current and former bidders:

* LATEST BIDDER:

-- Formula One motor racing boss Bernie Ecclestone joined forces with Luxembourg-based private investment company Genii Capital, which recently invested in Renault's <RENA.PA> Formula 1 team, in a bid to buy SAAB.

* SPYKER:

-- Dutch luxury carmaker Spyker submitted an improved bid for Sweden's Saab to General Motors Co. on Jan. 7, 2010.

-- It had first said on Dec. 2, 2009, that it was interested in SAAB.

-- It submitted a renewed offer two days after last-ditch talks with GM on Dec. 20 which included an 11-point proposal addressing issues that arose during the due diligence process.

-- Its primary backers include Russian banking tycoon Vladimir Antonov and his Convers Group.

-- Spyker's bid to buy Saab has faced scepticism from the start given that the Dutch company has never made a profit.

* BAIC:

-- Chinese state-run company Beijing Automotive Industry Holdings (BAIC) inked a deal to take a minority stake in Koenigsegg as part of the deal to buy Saab on Sept. 9.

-- It had to review its options after its consortium, led by tiny Swedish luxury car maker Koenigsegg, pulled out of talks to buy SAAB.

-- BAIC, China's fifth-largest automaker, announced last month it will buy the intellectual property for Saab's 9-5 and 9-3 sedans and some equipment to make them for an undisclosed sum.

* KOENIGSEGG:

-- Sweden's Koenigsegg, a niche manufacturer of some of the world's fastest and most expensive sports cars, struck a deal to buy Saab last August.

-- The deal included an expected $600 million of financing from the European Investment Bank, guaranteed by the Swedish government.

-- It agreed terms with GM to purchase Saab, though the deal was not yet fully funded. It was hoping for a 4.3 billion Swedish crown ($778 million) loan to Saab from the European Investment Bank in addition to that, 3 billion crowns of financing were still missing.

-- It entered into an agreement with state-run BAIC under which BAIC took a minority stake in Koenigsegg as part of the Swedish luxury carmaker's purchase of SAAB.

-- It pulled out of talks to buy SAAB on Nov. 24.

* RENCO:

-- U.S. financier Ira Rennert and his Renco Group had also expressed an interest in pursuing a deal with GM to buy SAAB. Renco Group is a privately owned holding company with affiliated operating companies in a variety of industries, including mining, mineral recovery, automotive assembly and fleet support. Includes AM General which produces the Humvee and Hummer.

* JAN NYGREN

-- Swedish media reports on Friday named Jan Nygren, an ex executive of the aerospace arm of Saab and former senior defence ministry official as the head of a group of Swedish investors submitting a bid for Saab.

(Writing by Carl Bagh, Bangalore Editorial Reference Unit; Additional writing and editing by David Cutler, London Editorial Reference Unit; Editing by Sharon Lindores)  

Saab Owners of America Protest In Front Of GM Headquarters

SOURCE: mibz.com

Saab’s U.S. fans protested in front of GM headquarters hopping that they will convince corporate’s executives not to close Swedish brand.

Owners and representatives of Saab dealers in the United States gathered in front of GM headquarters in Detroit for a rally in favor of their preferred brand. They have brought with them their Saabs, along with banners emblazoned with the message “Sell Saab/Save Saab”, hoping that the Trollhattan brand will be closed by the Americans from GM. Despite the adverse weather conditions, about 50 demonstrators gathered outside the Reinassance Center building in Detroit, which is the General Motors headquarter.  Click here to read entire story at mibz.com.

^{_{Pictured L-R: Ron Collins (Trio Motors, MI), Ryan Emge (Saab History), Tim O'Brien (NJ)}} 
  

 

The staff of JMK Saab would especially like to thank long-time JMK customer Tim O'Brien (pictured above) for making the 10 hour trek to Detroit to participate in the Saab rally.

Saab Enthusiasts, It All Comes Down To This:

January 7th Deadline!

Beyond the obvious business of JMK Saab servicing and selling the Saab brand for so many years, there is an enthusiasm for the brand in each of us. The average employee at JMK Saab has over 10 years of time invested in Saab. 

With the recent roller coaster ride we have all been through, that enthusiasm and passion for the brand is what has kept us all going.  Unfortunately, there is not much we can do in persuading the outcome of whether this brand lives or dies.  Other than this:

If you truly want to see the brand survive and flourish under new ownership, please take an important moment to read the material contained at saabsunited.com.  Steven Wade (Swade at Saabsunited) has not given up the fight and has compiled information and useful links to government officials where you can potentially make a difference.

You can visit saabsunited.com by clicking here. The clock is ticking faster than we would like but ticking nonetheless.

Another site run by Ryan Emge, is saabhistory.com.  Like Steven, Ryan commits much of his personal time to Saab.  He is participating with the "Save Saab" group drive to GM headquarters in Detroit.  You can view the information by clicking here.

Whatever the outcome, I would personally like to thank both Steven and Ryan for their ongoing commitment to the brand we love so much.  

saabsunited.com perspective of news release:

There were several news releases regarding Saab since our last post.  Regarding the AFP Report, you can visit saabsunited.com for some perspective.

Scot

Spyker and GM in last ditch Saab talks

Published: 21 Dec 09 17:52 CET

Spyker and GM in last ditch Saab talks

The head of Dutch sports car maker Spyker met with General Motors on Monday afternoon in a final attempt to convince the US auto company to sell Saab Automobile, the iconic Swedish brand facing an imminent wind-down.

"GM is holding new meetings with representatives for Dutch sportscar maker Spyker in Stockholm today," Swedish public radio reported on its website.

Spyker announced its renewed bid on Sunday, two days after GM broke off talks with the Dutch group and said it would begin winding down the iconic loss-making brand.

Spyker's new bid was to expire at 11pm CET on Monday.

"An announcement about the negotiations could be made during the day," Swedish radio said.

It said one of the main reasons GM had resumed talks with Spyker was that the Dutch group had addressed GM's hesitations over Spyker's Russian investors.

Swedish daily Svenska Dagbladet reported earlier on Monday that Spyker's main investors, Vladimir and Alexander Antonov, were no longer behind the Dutch group's bid for Saab.

SOURCE: AFP/The Local (the local)