Spyker wants to buy Saab

unkel

Article

AMSTERDAM, Dec 2 - A second small luxury car maker, Spyker of the Netherlands, is talking to General Motors about buying Saab Automobile, weeks after Swedens Koenigsegg dropped its bid.

A spokesman for Spyker, which made 43 cars last year that sell for 200,000 euros ($301,400) and upwards, said the Dutch auto maker was interested in Swedens Saab and was talking to GM but declined to say whether it had submitted a bid.

Last month, Koenigsegg, which makes sports cars valued at $1 million, pulled out of a deal backed by Chinas Beijing Automotive Industrial Holding Ltd (BAIC) to buy Saab, putting in doubt the future of the 60-year-old mass-market automaker, known for its 9-5 and 9-3 sedans.

U.S. automaker GM, which has been restructuring its European operations after a period in bankruptcy protection earlier in the year, has said it would consider offers for Saab until the end of December and then take steps to close it if nothing suitable materialises.

Automotive News first reported Spykers interest in Saab.

Spyker itself has never turned a profit and has had to secure financing since it was resurrected as a luxury car maker in 2000 to compete against Lamborghini, Ferrari and Bentley.

Spykers roots go back to 1875, to a family firm that once built a coach for the Dutch royal family and later moved into automobiles and aircraft, but was liquidated in 1926.

The maker of the C8 Aileron and D8 luxury sport-utility vehicle got rescue financing in 2007 from Abu Dhabis sovereign fund Mubadala, which holds 23 percent, while Russian banking tycoon Vladimir Antonov holds 29.9 percent. Chief Executive Victor Muller owns 10 percent.

Saab has not made a profit since it was taken over by GM 20 years ago and estimated it would make a loss of 3 billion Swedish crowns ($434.5 million) this year and again in 2010.

It needs huge investment to bring its models up to date and reverse a dive in sales in recent years, and many analysts believe the brand has little future in an industry struggling with overcapacity.

As for Spyker, CEO Muller told Reuters in July that it still needed to secure financing for 2010.

Absurdum

at this rate, a boards/motors whip-around will be in the running!

unkel

LOL, yeah :cool:

Was wondering how the hell Spyker would get this financed, but then again, Koenigsegg wasn't exactly cash rich either though?

L1011

Spyker couldn't afford F1; they can't afford Saab.

For the Boards whiparound idea, I believe Glanbia are moving out of the old GM plant in Tallaght soon, we could lease that for the b.ieSaab factory

unkel

MYOB wrote: »

Spyker couldn't afford F1; they can't afford Saab.

Pfft, even Toyota can't afford F1