Saab deal complete?

Tabnabs

I knew this saga would have many twists and turns.

A deal for the purchase of Saab Automobile by Dutch luxury carmaker Spyker Cars is complete, according to Swedish media reports.

Sveriges Telvision (SVT) reported early Monday afternoon that the deal was finally done following approval of a key €400 million loan from the European Investment Bank (EIB).

According to SVT, the Swedish government has scheduled an extra cabinet meeting for 2.30pm to decide on whether or not to provide a state guarantee for the loan.

Saab owner General Motors (GM) is expected to confirm to the deal later in the day on Monday, SVT reports.

In addition, Spyker Cars CEO Victor Muller is set to hold a press conference in Stockholm with news of the deal.

“Yes, the government will hold and extra meeting this afternoon about a number of issues, but the question of loan guarantees will also probably come up,” enterprise ministry deputy director Hans G. Pettersson told the TT news agency.

Sweden’s National Debt Office (Riksgälden) recently finished a report which will serve as the basis for the government’s position on whether or not to provide state guarantees for the EIB loan.

Pettersson added that he can’t confirm that the deal between GM and Spyker is finished.

“Even if things look good now, it has happened before that someone falls at the goal line. It’s not finished until both parties go out with it,” he said.

Throughout the Saab sale process, the Swedish government has had constant contact with the European Commission, which much approve any state loan guarantees.

“We still haven’t receive a definite answer from the Commission,” said Pettersson.

source

unkel

So we'll have to wait until the Swedish government decides this afternoon?

€400 million is a bit of money, but if you view it that it's less than €30k per employee, it doesn't look too bad. And it is just a loan guarantee - the government only lose this money if the new company fails.