Jump to content
Create New...

Key points of Saab and Spyker deal and finances


NINETY EIGHT REGENCY

Recommended Posts

Key points of Saab and Spyker deal and finances

January 27, 2010 13:16 CET

Jan 27 (Reuters) – Dutch luxury sportscar maker Spyker may have been the unlikely winner of the Saab auction, but it is likely to struggle with the real challenge ahead: converting two loss-making companies into a profitable one.

Here are key points of the Spyker and Saab deal:

TRANSACTION

• The new group will become Saab Spyker Automobiles N.V.

• Spyker acquired all the issued and outstanding ordinary shares in Saab for a purchase price of $74 million.

• The purchase price will be paid in two instalments: $50 million on completion of the transaction, expected on or before Feb. 15, and $24 million on July 15.

• The Share Purchase Agreement is subject to the execution of a 400 million euro loan agreement between Saab and the European Investment Bank, guaranteed by Sweden.

• GM will retain redeemable preference shares of $326 million in Saab, which represents less than 1 percent of the voting rights. The mandatory redemption date is Dec. 31, 2016. Saab can request voluntary redemption before then.

• Tenaci Capital B.V. ("Tenaci"), a company wholly owned by Spyker CEO Victor Muller, will grant to Spyker two loans: $25 million towards payment of part of the purchase price upon completion, and 57 million euros ($80.14 million) to repay all Spyker's outstanding loans to banks and other institutions.

PERFORMANCE

• Saab's and Saab GB's combined revenue was 1 billion euros in 2009 (2008: 1.6 billion euros). Saab lost 400 million euros in 2009 on an operating basis and 300 million euros in 2008.

• In 2009 Saab sold 39,903 cars and produced 20,791 cars. In 2008 it sold 94,751 cars and produced 89,086 cars.

• Spyker sold 37 cars in 2008 and produced 43, which resulted in 7.8 million euros in year-end revenue. It posted a total loss of 23.8 million euros in 2008.

Read more: http://www.autonews.com/article/20100127/ANE/301279964/1265#ixzz0dpONPrJv

Link to comment
Share on other sites

Join the conversation

You are posting as a guest. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.



This is the Call To Action(CTA)

×
×
  • Create New...

Write what you are looking for and press enter or click the search icon to begin your search