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GENERAL MOTORS AND SPYKER CARS REACH AGREEMENT ON SAAB

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

Timeline: Spyker clinches last-minute Saab buy
(Reuters) - Tiny Dutch sportscar maker Spyker clinched a last-minute deal on Tuesday to buy Sweden's Saab, in an audacious attempt to turn around a money-losing brand that only days ago was headed for oblivion.
Following are key events in Saab since GM took over the carmaker:
2000 - GM takes 100 percent ownership of Saab.
January 11, 2009 - GM says it has been in talks to sell Saab.
January 12 - Sweden says it will not take a stake in Saab or give more aid.
February 20 - A Swedish court grants Saab protection from creditors as it tries to find a new partner and raise fresh funds.
February 23 - Sweden says it can guarantee a European Investment Bank loan to Saab if a new owner emerges that can cover half the necessary financing.
August 18 - Swedish sports carmaker Koenigsegg agrees to terms with GM on a deal to buy Saab.
September 9 - Chinese state-run company Beijing Automotive Industry Holdings (BAIC) inks deal to take a minority stake in Koenigsegg as part of the deal to buy Saab.
November 24 - Koenigsegg says it has pulled out of talks to buy Saab. Sweden effectively rules out a state bailout.
November 25 - BAIC says it is reviewing its options.
November 27 - GM says it is talking to possible buyers of Saab, four days before a GM board meeting considers whether to attempt to revive a sale process or close the 60-year-old firm.
December 1 - GM's board says it will consider offers on the brand until the end of December and will then decide whether to close Saab if it appears the unit cannot be sold.
December 2 - Dutch luxury car maker Spyker says it is talking to GM about buying Saab.
December 7 - GM in talks with BAIC about a partial sale of Saab assets, including tooling and technology.
December 14 - BAIC says it has acquired some Saab assets, including intellectual property for the 9-5 and 9-3 model platforms and some production equipment.
December 18 - GM says it will start an orderly wind-down of Saab, saying the Spyker deal could not be completed in reasonable time.
December 20 - Spyker submits a new, fast-track bid for Saab and, separately, GM says it will evaluate several new expressions of interest.
December 30 - GM extends a December 31 deadline for bids for Saab, which will restart production lines in January after a shutdown, Saab says. Spyker CEO Victor Muller says GM has extended the deadline for a final offer from the Dutch carmaker until January 7.
January 4, 2010 - Spyker says it will submit a final bid for Saab assets before a 2200 GMT deadline.
January 6 - Saab enthusiasts rally in Detroit, gathering with their beloved cars next to GM's headquarters, and holding "Save Saab" banners.
January 7 - A Swedish newspaper reports that two Swedish groups are likely to make last-minute bids for the GM unit.
-- GM CEO Ed Whitacre says there is little chance of saving Saab.
January 8 - Spyker submits an improved bid.
-- Formula One motor racing mogul Bernie Ecclestone teams up with Luxembourg-based private equity group Genii Capital to bid for Saab.
-- GM names a restructuring firm to manage the wind-down of Saab, even as it reviews bids to buy the unit.
January 12 - GM gives its clearest signal yet that Saab is doomed, as Whitacre tells journalists at the Detroit Auto Show "We're closing down Saab".
-- Spyker's Muller says he is "working around the clock" to clinch a deal for Saab, and hopes for a deal within days, not weeks.
January 13 Genii Capital says it has revised its Saab bid.
January 17 - Spyker's Muller denies a German media report that it will bid jointly with Genii Capital for Saab.
January 21 - Spyker's Muller says talks with GM are nearing an outcome.
January 25 - Spyker shares soar on speculation it is closing in on a deal.
January 26 - Spyker clinches a last-minute deal to buy Saab after exhaustive negotiations.
-- A source familiar with the matter says the deal was worth $400 million, $74 million of which is in cash, the rest in deferred shares.
Sources: Reuters/ www.saabusa.com (Writing by David Cutler, London Editorial reference Unit, and Helen Massy-Beresford, editing by Will Waterman)

GM Sells Sweden's Saab to Spyker Cars
January 26, 2010

General Motors and Spyker Cars confirmed Tuesday that GM has agreed to sell Swedish automaker Saab to the Dutch sports car maker.

"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, who will hold a press conference later in the day.

Spyker told Bloomberg News it has agreed to pay $74 million in cash and $326 million in preferred shares in the new company that would emerge from the deal, to be called Saab Spyker Automobiles, which will carry the Saab brand forward. The sale is subject to Sweden agreeing to guarantee a 400 million-euro ($563 million) European Investment Bank loan for Saab.

The sale is expected to close in February and Saab will exit an orderly wind-down process in line with the timetable, the Dutch company said.

GM said in a statement that 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.

"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," GM's Smith said.

Added GM Europe President Nick Reilly: "Throughout the negotiations, GM has always had the hope to find a solution for Saab that would avoid a wind down of the brand. 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.:

The closely-watched sale of Saab allows GM to keep its focus on its four remaining core brands -- Chevrolet, Cadillac, Buick and GMC. Pontiac and Saturn are being wound down. Sale of Hummer to a Chinese company is pending.

However, notes Edmunds.com Senior Analyst Jessica Caldwell, "Saab represents competition for GM's Opel brand (which it in December decided to keep), and Saab's new owner will likely work hard to make the investment pay off, which may make Saab that much more competitive in the long run."

Saab owners, undoubtedly, are thrilled to see the quirky but much-loved brand saved. Saab cars earn Edmunds.com editors' ratings of around seven out of ten, while Edmunds.com consumers rate Saab cars close to nine out of ten, on average.

Spyker CEO Victor Muller has said his company's efforts to carry forward with Saab would center on the 9-3 entry-level model range, the 9-5 flagship and the 9-4X midsize crossover.

The all-new 9-5 is based on GM's global midsize-car architecture and is ready to be produced. The 9-4X, also based on a GM platform, is believed to be finished or nearly finished with development, giving the potential new owner of Saab two fresh new models to take to market.

Interestingly, a compact 9-1, a model long proposed by Saab, is not a part of Spyker's plans, the report said. It is possible Spyker executives realize not only that the brand first must be stabilized but also that the profit potential from an entry-level model such as the 9-1 would be scant. Moreover, there likely has been little prior investment made in the 9-1's development.

Muller has told media that Spyker would not pursue a plan to greatly reduce the number of U.S. Saab dealers -- and that the company would use the existing Saab dealer network to also retail the company's supercars.

Spyker reportedly had sold around 25 of its outrageously styled ultra-performance C8 Aileron through the first half of 2009. Spyker currently distributes the car through Bentley and Lamborghini dealers.

In any event, the new owners of Saab have their work cut out for them. It will no easy task keeping the tiny company going and growing in the intensely competitive world market.