ZEEWOLDE, The Netherlands (20 December, 2009) – Following the announcement on
Friday that the intended sales terms of Saab Automobile AB between Spyker and General
Motors (GM) could not be finalized, the Spyker leadership has submitted a renewed offer
in the hopes of securing a future for Saab, its employees and the brand – despite the
announcement that the winding down of Saab would begin.
Spyker CEO Victor R. Muller said today that an 11-point proposal had been submitted to GM, addressing each of the issues that arose during the due diligence process and that the renewed offer would remove each of the obstacles that were standing in the way of a swift transaction.
“We have made every effort to resolve the issues that were preventing the conclusion of this matter and we have asked GM and all other involved parties to seriously consider this offer,” said Muller.
“We are very confident that our renewed offer will remove the impasse that was standing in the way of an agreement on Friday, and this would still allow us to conclude the deal prior to the expiry of the deadline originally set by GM of December 31st”, said Muller.
“Despite our collective eleventh hour set-back, we are returning to the table with a renewed offer, that addresses every known issue brought to light during the initial negotiations and that has the full backing of the Saab Management. The new offer eliminates the need for an EIB loan approval prior to year end, for example, which will allow the deal to be concluded within GM’s deadline.
Our efforts are based on our passion for saving an iconic brand that we would be honoured to shepherd, and the jobs and livelihoods of thousands of loyal Saab employees, suppliers and dealers around the world. Some 1,500,000 Saabs are on the road today and their proud owners would no doubt welcome the survival of this phenomenal brand”, he added.
In Spyker’s view, the ownership of Saab by Spyker Cars would add a lot of value to both parties. For Spyker, Saab would bring a strong, global distribution network consisting of no less than 1100 dealers, state-of-the-art production facilities, a truly dedicated work force and solid engineering, sourcing and research & development capabilities. Likewise, Saab would receive the financial backing required to compete as a competitive global brand, along with an entrepreneurial leadership team sensitive to the uniqueness, heritage and individuality of the Saab brand. Throughout these negotiations, both Spyker and Saab leadership have proven that they share a mutual vision for just such a partnership.
“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.”
The renewed Spyker offer is valid until 5pm (Eastern Standard Time) on Monday December 21, 2009.
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{ 180 comments }
That is just the greatest news. Please GM…let the employees and us keep SAAB.
Go Spyker:D
:D:D:D
hmm…
Oh boy.
This saga is going to make me an alcoholic.
…and btw thank you very much Swade for keeping us so well informed. It is an honor to be part of this great SAAB community.
“Saabs are for nice people. Obviously there aren’t any left” – finalgear.com
WOW, this is like a bomb!!!! Where did this come from?
What does this mean? Is Spyker now admitting that they had been making some moves that made GM stop the deal? Many open questions now and still some hope!
Fair dinkum…….
I am going to kick GM’s ass if they walk away again.
This is the last chance for GM to do the right thing for Saab.
This is fantastic news, it seems there may be light at the end of the tunnel!!! Lets hope we can see the new year in with Spyker!
Well that puts GM in a corner? How can they say no now???
“nulla tenaci invia est via”
Wow, latin poetry in future saab marketingtexting ?
In the meantime, let us hope it won’t be, acoording to Vergilius, Aeneas 4, 569/570:
“Varium et mutabile semper GM”
OK! Here we go.
Let us ensure to GM: FINAL with the dirty little games. They better should have a very serious thought about this offer.
ALL SAABS_UNITED!
Tempus omnia revelat.
LOL, Lonnie!!!
Something tells me there is something else as to why GM killed the deal with Spyker and they will continue to move the goal posts. I hope I’m wrong.
I said it would be a bumpy ride folks.
There is more to come, but at first let’s see GM wriggle out of this one!
Good Luck Spyker!
Foxtrot Uniform Golf Mike.
YEEEESS! This is great! Lets hope GM returns to the table, remember the door was open. Maby we´ve been hard on them, lets hope they do the right thing.
If Victor pulls this thrue, he is a hero worthy standing besides JåJ and CvK
If GM doesnt want to sell they WONT SELL, they just make up new problem points to use as a excuse.
Making this offer as public is a last ditch effort, GM would now have to answer to media if deal wont happen.
All depends now on public image that GM will calculate. Would it look like a brilliant negotiation tactic to force a better deal from Spyker or would GM look like an unstable fruit cake doing bad decisions.
Hope this goes through.
What can we do to help?
Many have said that emailing in support of something is a fraction as effective as CALLING them…
Can someone find the phone numbers of:
- GM customer relations
- “Big Ed”
And for Americans, the numbers of:
- Michigan’s governor
- Michigan’s congretional delegation
Also call your local congressperson
Swedes should call GM and the American embassy…
THANK YOU VICTOR MUELLER
GRINCH MOTORS stop lying.
and the swedish goverment hast to take this chance and save the jobs -
SAAB up
SPYKER up
I guess VM is a reader of SU… And so THIS is the news you wanted so badly to express to us. This is Extremely good news Swade!!!
Thank you Victor Muller!!!!!!!
GO SPYKER!!!!!!
If GM does not accept this then we Know that they never intended to sell in the first place.
Cheers Saab guys and gals!
Holy cow!
I hope the Swedish government, for their own sake, realize what they’ve been doing the past couple of years. At the very least, all future cars used by the ministers should be Saabs.
I and others have been harsh in our criticism of the Swedish government. This is yet another opportunity for them to shine. They can step in and offer Spyker a helping hand. By doing nothing, they only make sure their critics will be proven right.
Great. Now GM can accept this and then on Dec. 31st issue a press release that “issues” arose again and the deal can’t be completed.
I hope I’m wrong, but it’s clear GM doesn’t care about Saab as a brand. They simply want the technology to incorporate in their own crappy vehicles.
Best of luck to Spyker though, I’m rooting for you.
does anyone know why there is such a short cut off point for acceptance monday 21Ist of december.
Please please please let this go through this time. 3rd time lucky. I cant take the disapointment again.
Please GM. Saab is singing a song to you
http://www.youtube.com/watch?v=NjQXMZe2ouk
This is a smart move by Spyker. It will certainly look rather dim if GM doesn’t accept the offer and would appear as if there was always the intention of breaking the company into little bits…. Won’t play well especially in Sweden now that the light has finally turned on to the seriousness of this all.
Chris
I guess that there are still some negotiations to be done after GM eventually accepts the offer. And, even we know that December 31st is the end date, we all know that the deal must be sealed before Christmas, because no one will be working after.
where did you get that info from? it’s not on spyker website…
Unfortunately GM can just keep moving the goal posts, but it won’t be able to disguise that now. It’s PR is already suffering and playing any more games will worsen that by a considerable magnitude.
Despite the sad facts, this one’s making me smile.
Go get ‘em Spyker!
Viking Up and Cowboy Up!
This makes me wonder if GM pulled the plug to force Spyker (or another party) to concede to more favorable terms. If so, they have been extremely shrewd…if the latest offer is accepted. Let’s hope GM follows through with a positive result.
thanks iggy
Yes, the short duration of the offer is a bit of a concern. Will all forces in GM be able to meet between now and Monday night? They could reject it on that formality…
I have really got a good feeling about this. But all the turns in this story have made me go mad so perhaps you shouldn’t listen too much to me.
Saab + Spyker – Samen zijn we sterk.
Aside from whether Spyker-ownership will work or not, every bit of hope is a welcome one and every bit of enthusiast-backing is necessary. Ergo: clogs up!
SEEMS GM NEVER WANTED TO SELL. THIS IS SPYKERS WAY OF PROVING THIS TO EVERYBODY. IF THEY DIDN’T WANT TECHNOLOGY TO GO TO RUSSIA, WHY DID THEY ENTERTAIN THIS OFFER AND NOT DEAL WITH THE AMERICAN COMPANY THAT WAS BIDDING.
Swade, Spyker and JÅJ, heroes of the decade!
If GM pulls the plug on this “I will slugg them so hard” and possibly “fart in their general direction”.
I found this link:
http://us1.campaign-archive.com/?u=3dc6e0523f9d9f22376a5126d&id=b1a6e23d13
Looks like an official statement.
Given that GM have said they’re shutting down everything, they have themselves put any potential buyer into a situation where negotiations have to take place FAST. Saab has been withering away for months now, and that process will move into high gear unless GM allows Saab to operate normally for a few more months.
GM can’t be on both sides of the negotiation table. Sooner or later they’ll have to admit they’re either playing us all, or they’re ready to deal.
Please give us a source for this .. if this is yet another planted cruel joke ..
that does look official – it’s still weird that it’s not on the spyker website
Great news to wake up to this morning! Keep hoping!!
That last sentence makes me very nervous -
“The renewed Spyker offer is valid until 5pm (Eastern Standard Time) on Monday December 21, 2009.”
Not too difficult for GM to evade the offer based on ttheir favourite excuse TIMING.
Anyway for me the glass is half full!
OK, do we have any possibility to press GM with a kind of last ditch customer initiative?
Maybe thousands of emails from angry and frustrated customers loosing their brand will help in such a situation? One could express anger and frustration, including the announcement of GM boycott in the case of a close-down, but also the announcement of serious investigation into the process and the real reasons behind it’s fall.
I also share the view that GM never wanted to sell but that there were only two alternative from the very beginning, keep Saab or let it die, not mainly because of IP but to avoid a sell-out of the latest tech to prospective competitors. This might also be the reason why they chose two relatively weak bidders. If politics could have make a difference here, it could have done so in the very beginning, by providing support as to maintain GM ownershiop of Saab. When this was not the case, the choice was close-down. Maybe Koenigsegg dropped out when they became aware that they were just marionettes in this dirty game.
The last-ditch attempt of Spyker can however be useful to either enforce a different result or to publicly blame GM for what the’ve done. In both variants, the customers and enthusiasts of the brand chould play a role. There are plenty of points to take up here. I am not even sure if it is in concordance with international trade rules set up by the WTO that GM uses it’s backup with government money to compete out other countries’ automotive industry. It is not open competition between two different companies though.
Bästa hälsningar
Lasse
SAAB UP!!!!
NG9-5 to markets! also ZE electric car!
Now its last change for GM to do something right.
Hurrah!
Yes Rune, that’s a fair assessment. Best case – we have a deal. Worst case – GM will come out of this looking like the bad guys they are…
I’m biting bits off my desk…
And while we’re on the Latin trip, I’d like to cite Cato (slightly altered):
“Ceterum censeo General Motors esse delendam.”
Alea jacta est !!
SAAB UP !!
SR, Max,
100% real and official. The source can’t be disclosed, but isn’t that a side issue to the real news here?
Those who doubted Spyker, their intentions or commitment to Saab ought to take a good look at the text there. This could well be the last chance and their commitment to the cause is inspirational.
Perhaps the hidden bidder has joined with Spyker to replace it’s Russian backing?
There’s nothing in Swedish media yet. Could people with email contacts with journalists tip them off?
Great action Muller; do show GM and al the other sceptics that you know what you are standing for; a Ducth entrepreneur with a good sense for business opportunities.
Just hope that GM is willing to sell while a lot of signs did show that they just are playing games. But if that is the only thing they want to do, at least you can prove that by this superb action and than the whole world will know what “business ethics” they have at the GM headquarter.
We follow you Victor!!
SAAB up!
Spyker up!!
REPORT: Swedish government to meet with GM officials – could Saab still be saved?
I’ve already tipped aftonbladet and expressen. (Two biggest evening newspapers in Sweden)
Bloomberg are carrying it http://www.bloomberg.com/apps/news?pid=20601087&sid=aPAUHW8aHK3c&pos=3
GM: Maybe they need a little help to come to the knowledge: Now this deal has to be done. GM should start fast to understand: “They have caught us. Now we are trapped. We can’t get out of this without own major injuries.” Unusual, but: Let us help GM finding the knowledge.
GM is old business.Weak, rotten and false! Maybe now they have outsmarted themselves.
> This gigantic rescue_saab_mosaic up on the Trollhättan walls – what a strong symbol of power. They can not bring us down. SAAB. SU. RS. NEW SAAB. Strong and lean. Future business. SOON we’ll forget about those old rotten GM ruins of the past.
Same document on the euronext-website :
http://www.euronext.com/news/companypressrelease/companypressrelease-1721-EN.html?docid=804353&stockNews=true
Here is the release: http://www.spykercars.nl/?pag=13
GRINCH MOTORS
RELEASE SAAB !!!!
Please bring this new spyker infos to the swedish media.
GM has to put under pressure
I am worried about the offer cut off date ,it would give GM areason to reject the new bid.I hope that this is not the case.
Wow! Never saw that one coming out of the far left field!
But it does sound promising, especially that bit about ‘we want to buy Saab even without the EIB loan’. If GM really specified eleven points on which they based their ‘njet’ and if Spyker can really solve these points then GM either will have to go along with the new proposal and sell Saab to Spyker or dream up new ‘njet’-arguments to torpedo the deal again. And I think the latter course of action would finally brand them all over the world as the untrustworthy and unreliable bean-counting so-and-so’s they really are. Another no now will cause irreparable PR damage to the concern itself, all of their remaining brands and, last but not least, the US Government who are GM’s majority shareholder, have the final say-so in the matter and are saddled up with the final responsibility for what GM decide to (not) do. I cannot imagine that president Obama and his government would relish being perceived as unreliable killers of car builders in other countries for the sole purpose of safeguarding the competitiveness (if you can call it that…) of their own investment.
Wake up GM, start thinking as an automotive manufacturer instead of emulating a second-rate bookkeeper. Selling Saab is actually a win-win situation for you. You get money for your tech licences and can supply platforms and parts to Saab for years to come. The new 9-5 will be positioned above your Insignia and its spinoff models, so there really is no major competition conflict after all. The 9-5 will be competing in a niche where GM Europe has no serious stake since the demise of the Signum and GM Worldwide has no viable chance to gain a foothold. Remember how great Cadillac did in Europe in the last decade or so? If Saab actually succeed in gaining a market share in that segment, it will be to the detriment of brands such as BMW, VAG, Jaguar and D-B, not GM. Why hesitate? Just do it.
Go Spyker, go Convers, go Abu Dhabi.
Ivo
GM! Go for it!
If this is a really serious offer it would be interesting to know what are the 11 issues they would like to adress.
I would be nice to see GM face off.
If swedish government realised the situation what do they want to do?
I’m not sure if they (i like the phrase Grinch Motors or General Moneywasters) want to sell Saab or if they want to make sure with this action that OPEL will be supported from the resonsible governments.
But they forgot in all cases that they lost a efficient development crew with a really lean production behind. Steps OPEL still has to make or can not be done because of the structure of OPEL.
Reading the comments on the Swedish newspapers it’s very surprising to read how cynical everyone are. I know that SAAB can make money under right management, but almost nobody in Sweden seems to believe so.
the offert notice are only for media!
From what we have heard over the weekend the Deal fram literally hours from being signed last Friday. This could in fact mean that the deal coul be closed rather fast – or else it is obvious there was a hidden agenda.
One good thing in the press release was this: The new offer eliminates the need for an EIB loan approval prior to year end, for example, which will allow the deal to be concluded within GM’s deadline.
Max pressure on GM now! I think that i the reason why the offer ends on the 21st of december. Its now or never.
Lets all pray and send our opinion to GM on what to do!
Saab up!
It at the headline of http://www.aftonbladet.se also
Go Spyker go!
Just had a thought and if workable maybe needs your direct input Swade and perhaps guidance.
We can all contibute to a possible success for Spyker with this renewed deal by collectively composing a letter that is aimed at the media of each country that we collectively represent. The letter should accurately explain what appears to have been gamesmaship on GM’s part and that Spyker have addressed every point that GM held us a ‘show stopper’. This should be slanted to the point that another refusal would unquestionably point to the fact that GM were never truthful about having any intention to sell SAAB.
Such a letter should perhaps be of a common ground so that our illustrious media correspondents have no difficulties in deciphering the information.
Maybe Spyker is collaborating with CJ now? No Russian objection then.
Cowboy Up!
It all seems a little too good to be true. Did Spyker get rid of the Russian guy? I’m inclined to agree with those who feel that GM isn’t going to sell SAAB to anyone, but I sure hope the folks at Spyker can make it work. They seem to really care about SAAB, its history and its employees.
I’ll believe it when I see it though. In the Northeast Florida SAAB Club, we’ve already celebrated the Koenigsegg deal, and we’ve been discussing plans all weekend for some kind of a memorial. The emotional rollercoaster is getting to be a bit much!
I´m biting my nails to the flesh…this is just too much. I´m dreading the day I have to buy another brand….I`ve been driving Saab for 8 years and I´ve been planing to get the new 9-5 next autumn
….what now??? Saab will not go away
I hope they succeed.
Best wishes to SAAB employees, I hope you keep your job, and we all keep our beloved car company living.
Go Spyker go, good luck again for your newest efforts to save SAAB
Ooh myy Godddddd. Victor Muller is my hero. But GM is probably just going to poop on their new offer. Because that’s their job. I’m crossing my fingers but not getting my hopes up. But good for Spyker!
I somehow think that the Russian ownership has never been an issue. Probably the EIB loan was one of the bigger obstacles, and GM leadership didn’t want to sign under the conditional contract with “only if and when EIB money comes” text inside. Probably there were some others since some 11 points are mentioned in the press release.
They caused the company to be shut down and now want back in? They had 11 conditions? Were they even ready to do the deal?
If there are others out there, this is not the right buyer.
@ raquettelaker2
at least you’ve got a decent avatar.
Hi Swade, can’t you oblige every commenter to have one of their own ?
WOW! Just WOW!!!!
I mean…. I don’t know what I mean…. but just WOW!!!!!!
Killer! SO good! Etc, etc, etc.
How am I meant to sleep during this?
Heh Aftonbladet’s Robert Collin has already commented the new offer as Spyker’s last chance to steal EIB money
SU break the news I think… At least before swedish press. That is the price for tireless work of Swade I guess. Hopefully Saab can still be saved, it will be prize for all, Saab management, employees, customers…
“Saab will not die, will die GM”
“GM have killed Saab, but Saab in me not to kill!”
“Today GM has destroyed Saab, and tomorrow it will destroy also your car!”
“Buy Saab – spit in person GM
“Poachers from GM fill up the red book with company Saab”
“GM has killed Saab, but no one will kill Saab in my soul!”
Would be VERY interesting to know the 11 points.
Maybe they have Abu Dhabi money this time, not Russian money?
geez, i sleep for 8 hours and the whole world has changed again……..
@Markac, would be nice to think CJ is with Spyker, but I am not getting too excited at that chance… its too good, so GM would kill that idea, IMHO
Robert Collin seems to have forgotten that Saab has made money in the recent past, and with the current product lineup they stand to make money in the near future as well.
Saab is one of the best investments an investor can make at the moment. There are not many opportunities in Europe for those who are in the money.
Often the simplest explanation is the correct one. Spyker wants the technology, they want the R&D and they want the dealerships. All of these are linked to continuing the existance of Saab. It is a simple and elegant solution. Producing the 9-5 will instantly create a cash flow. There is nothing to gain by shutting down production now.
Of course, any new buyer can have hidden agendas, but to Robert I would like to say: This could be true of everyone. Saying what Robert did does not help or bring any new information to the table.
Eventually a doomsday prophet will strike gold and make an accurate prediction about when the world will end, but what good will come of that? Why should we spend any time listening to every doomsday prophet that comes along? Better just to get on with our lives, no?
I changed it, but Gravatar takes forever.
The other way around none. GM had 11 objections. Spyker now feels they have resolved those objections and put in a new order. Spyker sweetened the deal.
Now GM have to cough up the real reason for not wanting to sell Saab, or they will have to accept the offer.
The latter option will be the least painful for GM I think.
I second that Rune!
Sorry to say it, but the swedish press continues to downplay the new offer.
I guess the problem is that one of the reasons for the collapse was the dependency on the EiB loan and Spyker’s PR makes clear that that was one of the problems preventing the deal. That puts the current government in a bad light before the upcoming election. Most of the swedish media are supporting the current government.
Collin doesn’t deserve the attention he gets.
Tomorrow is the winder solstice which means the end of darkness and a constant transition towards brighter times.
I hope that will apply to SAAB as well.
Oh, and for you Swade I guess it’s the other way around!
Go for it..
congratulations mr muller. you have made me cry.
this story is truly the “tiny tim” of the holiday season. thank you thank you thank you.
Could there be someone that earlier were affiliated with another group (read: K’s egg) that now have joined forces with the Spyker group?
Just thinking along some plausible path….
Am purely speculating now, but should we guess that the swedish government have made a commitment to financing in the event the EIB loan would not be given which facilitate an offer without the condition?
CJ (a different one)
They put a short deadline on it to make that GM management be decisive again. If GM rejects it tomorrow, they have 6 more business days to make 6 more offers. Go look up tenacious.
Go for it Spyker. I am behind you 100%
Everyone must be behind them 100% there is no room for error now.
Please keep the fight up people, the last few days have been hard for sure. But have a Red Bull and stay awake, we are not down for the count.
Saab will rise once more.
http://media.gm.com/content/media/us/en/news/news_detail.html/content/Pages/news/us/en/2009/Dec/1220_saab
GM still playing time?
If nothing else, this offer reverses the dynamic. Up until now, GM sat in judgment of each offer and controlled the PR spin. Now Spyker is announcing up front that their new offer satisfies all prior objections. So, if GM refuses, it will look like they never wanted to sell in the first place. That, plus giving GM a deadline, makes this a very ballsy move.
Very very very good news !
Now we will see if GM really wants to sell Saab or if it all has been one big show put on by GM. The recurring delays of the 9-4x and 9-5 make me believe that GM never intended to sell Saab, and they will most likely find a new excuse to wind down Saab despite this new offer. GM, for once in your lives, make the right decision!
DAMN GOOD POKER GAME MULLER! GO HARD!
ALL IN
HR MUELLER , SHOW THEM HOW THE DUTCH CANPOKER
SAAB UP !
VIKING UP!
http://www.aftonbladet.se/nyheter/article6321526.ab quotes a Spyker representative as saying the following: “It naturally depends on how GM reacts, and that is unknown at the moment”.
This was in response to the reporter’s question of when Spyker could be persuaded to make another statement.
As I said, it looks like a clever gambit by the dutch. GM have to cough up the reason, or sign the deal. It would be odd if they somehow found a third option.
All in.
“It’s not the first time that we’ve rolled Saab back onto the right track.”
More than once during his career, Swedish rally driver Erik Carlsoson pushed his Saab so hard that the car rolled over. Fortunately, thanks to the rounded roof, it wasn’t hard to turn the car back on it’s wheels. The Saab could then finish the race, often in first place, and Erik came tobe known as “Calsson on the roof”.
Today, almost 50 years later, many are saying that Saab is again in dire straits. But, even though the crisis in the car industry is sure to continue, things are not so bleak.
We’ve already come a long way in developing and building safe, economical cars that are fuel efficient and less harmful to the environment.
You can see evidence of this in the concept cars we’ve displlayed at the major auto shows: Cars that run on 100% bioethanol, hybrids powered by both bioethanol and electricity from lithium-ion batteries, and cars with solare cells.
We recently launched the Saab 9-3X, which feels at home in all kinds of road conditions thanks to XWD, cross-wheel drive. Soon the new Saab 9-5 will be introduced. Later on you’ll meet a smaller Saab and the Saab 9-3X crossover.
Now, with several investors having knocked on our door, we’ve gladly reminded them of how it was when “Carlsson on the roof” rolled over. People ran to help him. Together they turned the car over so he could continue. You see, they knew something then that’s just as true today: Never rule out Saab.
http://www.aftonbladet.se/nyheter/article6321526.ab
I don’t know if anyone has noticed, but according to aftonbladet.se GM has received more offers than the one from Spyker. VERY interesting!
I speculated yesterday that GM didn’t make the decision on Friday at the 11th hour – it’s Big Brother and OWNER did. They would only do so for very good reason. Unless Spyker completely changed its ownership structure in one day, the reason for a strong no remains.
I don’t know if anyone has noticed, but according to Aftonbladet.se GM has not only received an offer from Spyker. Very interesting!
http://www.aftonbladet.se/nyheter/article6321526.ab
But that those other bids can be for bits and peaces of SAAB for all we know…
Yes, Bruncke, and the official GM statement says “inquiries from several parties”:
GM statement regarding Saab inquiries
2009-12-20
Following Friday’s announcement that GM will begin the orderly wind down of Saab, GM has received inquiries from several parties. We will evaluate each inquiry. We will not comment further until these evaluations have been completed.
–Thanks Saabisti.
If GM will murder the SAAB, I will never buy any car from GM group… And I mean it…
Others reasonable people in EU should do the same
stupid yankees…
From the Spyker’s new offer, it seems obvious that Spyker was a show stopper for the deal breakdown. Now it looks like Spyker sweeten the new offer by addressing eleven issues but adding another obstacle by specifying such a short window time.
Let’s see how it plays out.
Most bids are probably for factory and brand name. Outsiders cant bid for entire Saab as they do not know what they are getting, in terms of GM license agreements and such.
So actually those bids might work against this latest Spyker offer if GM gets better profit by selling parts of Saab only.
New GM has been very careful when building their past CH11 public image, this Spyker move is a very nasty one in that regard and unusual.
Swade, you are the Best! Sent in my letter a bit ago; let’s hope Whitaker’s inbox can handle five hundred thousand similar notes.
TJM
I think it’s a matter of money. If GM doesn’t get a good enough offer, they probably rather keep SAAB Powertrain unit in-house but ends the assembly plant.
Come on any oligarks out there, show them the money!
Never-ending drama!
Great job spyker!
I cant take the suspense. I am off to do some Christmas shopping.
If this goes well,
I guarantee that I will order a new 9-3 in January.
I love you guys at Spyker for your effort and resolve to preserve a unique auto maker! Even if this deal falls though, it would not be because of lack of trying on your part or Saab’s part. It would have been a battle well fought.
I have already decided to place order for a new 9-5 if Saab can be saved. You have already got yourself a fan and loyal customer.
Thank you.
I love you SAAB !!!! My car – view http://www.saabclob.net – nicknameme Nicki
I love you SAAB !!!! My car – view http://www.saabclob.net – nicknameme Nicki
SAAB UP!
Swade you were right, the fat lady hasn’t sung quite yet!
News in Sweden reports that both the Swedish Government and GM have serious doubts about Spyker because of the Russian connection. There is also a question about how serious the offer is, bacause of the short deadline.
http://svt.se/2.118349/1.1821755/en_liten_strimma_hopp
Hope Spyker makes it.
Just had a phone call with my SAAB dealer. He couldn’t believe what’s going on. It completely blew him out of his mind.
SAAB history was full of obstacles and critical situations.
But NOW we see the biggest task of them all. We’re part of it.
——————————————————
>>> Maybe together we can write history.
But we have to arouse a tornado to reach this goal. Very fast! Time counts!
According to this article, Opel concerns stopped the deal: http://www.svd.se/naringsliv/nyheter/dodsstoten-nar-gm-beholl-opel_3970795.svd
Googletrans: http://translate.google.com/translate?hl=sv&ie=UTF-8&sl=sv&tl=en&u=http://www.svd.se/naringsliv/nyheter/dodsstoten-nar-gm-beholl-opel_3970795.svd&prev=_t&rurl=translate.google.com
this offer is a serious offer from spyker.
GM has now to show their cards. There is so short time that mueller does the right – a deadline
now he plays the game
so this is real poker -
“There is also a question about how serious the offer is, bacause of the short deadline.”
Deadline could just be to agree in principle, not ink on final papers.
Zippy, you out buying that new 9-3SS Aero for me? I really like Glass Gray…
UGH!!!!!! the drama, its like a made for TV movie on the lifetime or hallmark channel.
Information to SvD suggests that the ownership structure of Spyker has changed, that Convers Group and the Antonovs are now out of the picture. How the heck did they pull that one off in only two days?
Some analyst that Jonas turns out to be… He is right about GM playing around though.
Presumably Spyker knows why they were dismissed at the 11th hour. It seems they have gone to extreme measures to satisfy GM’s selection criterias. So what? GM pushed hard, and now Spyker wants to flush GM’s agenda out in the open. That is a good thing.
As for what Sweden can do… Well, GM listened to the German chancellor in the case of Opel, didn’t they?
Why is the Swedish PM so passive? Heck…: Why are the Swedish people taking this laying down? I know the Swedes got their …es whipped after the Napoleon wars, but come on! It is OK to flex your muscles every now and then! The Swedish PM should get in touch with GM’s largest stakeholder and make sure they realize what is going on. It is in GM’s best interest to sell.
They need to make this as public as possible. Only then will GM respond the way they should. Bad PR is probably going to be the difference maker. Great job Spyker. I hope you can make this work!
Finnish television news just said they had some source inside GM saying GM will not likely change their opinion…
Swedish government need to get off their ass and apply som diplomatic pressure here…
Maud, free tip, it doesn’t cost you anything…
A change in ownership structure? Very Creepy.
Tee only creeping thing here is GM
I’m not sure whether this has been posted before: Matts Carlsson comments the Spyker bid at di.se. This is one of the very few occasions that DI lifts up something positive in the case of Saab.
Carlsson says he likes Spykers insistence. He implicitly criticises the very negative reporting about Saab, which has contributed to the decline of the brand during this year. He compares this even to the Ford-Volvo situation where Ford holds up its brand Volvo despite they want to sell it – and Volvo turned to positive sales records again. Carlsson expects GM to uphold their decision to wind down Saab – not because Saab is too weak and costly but because Saab is too strong and a possible competitor. According to Carlsson, the major advantage with the new Spyker bid is that GM will have to answer more in detail on the critical questions regarding this “sale” process.
This is 100% my opinion. The dirty GM game with its European brands and governments is prolonged by a few minutes, but basically, the decision is done. It was probably done many months ago, when the Swedish government reacted as they did on GMs effort to get government support to restructure their European activities. In this way, political action makes difference – you only have to compare the Saab case with the Opel case. I am not a friend of state ownership of automobile companies, but in the case of Opel, a temporary loan, paid back for a couple of weeks, did its job.
Lasse
Blue baron, I hope you are not right, but with GM it would not surprise me.
GM still playing time, but it certainly will be an outlet for saab
That comment by Jöran Hägglund pretty much says it all: “Överlag är det viktigt att GM klart markera vad det är som gäller så att de anställda i Trollhättan och alla vi andra vet vad vi har att förhålla oss till.”.
A representative of the Swedish government is asking GM to draw up the rules of engagement.
That is weak. That is just… infuriatingly weak.
Hopefully it is part of some diplomatic game. Keep the words nice, while showing some muscles behind the curtains. Hopefully the Swedish PM is on the phone with his American counterparts right now, laying down the terms for how the state-controlled GM (hint…hint…) will respond to the recent developments.
Because that is what should be happening, right?
This is really fantastic news, it seems there may be light at the end of the tunnel!Spyker. I hope you can make this work!! Lets hope we can see the new year in with Spyker!
Fully agree, this is what should happen – but something makes me guess it won’t…
During the whole process, the government has not shown any sign of commitment to Saab. Not only the government action is decisive here, but also the words: To publicly talk about 20 years of losses, bad products, global overcapacities (which, of course, have to be taken by Sweden and by Saab), taxpayers money (which in the end has to be earned in on competitive export markets) and, of course, windmills as an alternative. Maybe there is a lawyer out here, too. Isn’t this, if done by private organisations, a case to paying compensations?
Lasse
The main problem with the government is that they sincerely don’t believe that Saab is worth saving. Everything they do to help Saab is only for the sake of public opinion. There’s no real will behind it. They have totally bought into the song and dance about “20 years of loss” that has been playing on repeat in the media since this spring. And not saving loss-making companies is at the very core of their free-market ideology. Of course, doing something for the sake of public opinion is a mainstay of politics, so they may yet end up being helpful. But don’t expect them to do one bit more than they have to.
Here’s a typical comment from Mr Hägglund:
Has Saab been given another chance to survive?
- I don’t care to comment. But it’s probably a good thing to have low expectations for this.
I have to agree. GM knew about the Russian money backing the deal all along so why would they nix the deal at the 11th hour while the lawyers were on airplanes on their way to sign the contracts? Doesn’t make sense.
Also, if Spyker asked the Russian backer to step out of the deal can’t they do a “wink-wink” deal with him and allow him to invest in Spyker again after the deal goes through and the EIB loans are given?
It also doesn’t make sense that GM intended to shut-down Saab all along as that’s what got Fritz axed.
There’s got to be another explanation and these new plans from Spyker might just let the deal go through.
An issue to keep in mind is that the 31st December deadline was a criteria from GM to the U.S. gov’t for bailout money, was it not? So GM can consider Saab “sold” ahead of the deadline if they take the latest Spyker offer? It’s Spyker who’s no longer requiring the EIB loan to come through prior to a sale?
I sure hope this works out for everyone’s benefit. A deal going through benefits ALL parties, a shut-down benefits no one.
Come on, GM. You failed to sell Saturn. You failed to sell Opel. Try and halt the failure, for cripes sake!
Reuters:
“We’re very confident we have put forward a proposal that can convince GM in time,” Spyker Cars Chief Executive Victor Muller told Reuters in a telephone interview.
“The jury’s still out. We will see what happens next.”
Bloomberg:
Spyker is “convinced we have a chance to rescue Saab,” Muller said in a telephone interview today. Saab is “a viable business on a standalone basis,” the Spyker CEO said.
“viable business on a standalone basis”- that is what GM is afraid of.
newschanel in sweden asked GM detroit about the new bid, and they claim they havent sen any?
http://www.nyhetskanalen.se/1.1405553/2009/12/20/spyker_kommer_med_nytt_bud
its in swedich
Sparka Roven SAAB!
This is the best news during the last hours and days. Hopefully lots of people write mails to GM headquarter, and hopefully they consider the deal as a chance for both parties
Why do you think Merbanco is involved they got no where close to purchasing SAAB? I know CJ appears to be a very nice guy but why do you think he will ever be SAAB’s saviour?
Pär Brandt at Auto Motor & Sport has written a really good column tonight. Here’s a little snippet (in my translation):
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Saab may be puny by Detroit standards, but what scares the yanks is that 1 000 Swedish engineers risk being transferred to Chinese or Russian ownership. These engineers have recently proved within GM Europe that they are competent, low-cost (30 percent below a German engineer), target-oriented and devils at working their asses off to meet the agreed targets. Swedish engineers are good, fearless and don’t give a crap about bosses who don’t know what they’re talking about. Swedish engineers deliver. Period. GM have benefited much from this in the past decade, and many Swedes have climbed high in the GM hierarchy. But today, most of the Swedes are back “home” in Trollhättan again, ready to meet a new owner.
Will GM let these 1 000 engineers transfer to Chinese BAIC, or unknown Russian interests? The thought is a frightening one, and GM instead elect to “kill” the Swedish brand. Officially they claim that negotiations with Dutch Spyker have run into “problems” that can’t be solved before the deadline on the 31st of December. But as we know, that’s just an excuse.
—
I’m not sure. It’s just a feeling, but Spyker seems to have severed it’s Russian connection, at least when it comes to it’s Saab offer? Perhaps it has found a backer GM can’t object to?
Dear Swedish people,
I have visited many times Trollhatan for business purposes.I even visited the production line with a journalists group brought all over from my country to test drive 9-3X. We were even exposed to the “secret room” in the museum and been exposed to 9-4X, 9-5 hatch.
Having worked in the past for german automotive companies, I really admire you as professionals, as people, as philosophy. I enjoy doing business with you, with Jan ake, Knut, Eric, Guinilla and the rest of the team. Your cool business attitude really fascinates me.
I wish you all the best from my heart.
I only feel sorry for your government.
Seemningly Swedish media is awaking, at least parts of them.
In the beginning, I was somewhat astonished about what’s going on here, with all the negative headlines and reflections about Saab. I have German origins, but have lived in Sweden for more then 3 years. Even in Germany, there were many sceptical and negative comments about Opel, the long-term decine of the brand, the financial losses, and the question whether the company should be saved by government intervention. All in all, however, this was a differentiated and balanced discussion. Even those who were sceptical were aware of the negative economic effects of a bankrupcy, let alone the situation of the workers. Not so in Sweden. Here, the discussion was 95% negative and not at all differentiated in content. Amazing.
However then, what really beats me is the Swedish government. They not only showed no commitment but actively damaged Saab through their comments in the media. There were very different opinions within the German government regarding Opel too. But again, no member of the coalition actively damaged the brand and the process. Unbelievable! For me, the whole talk about 20 years of losses, and, of course, windmills, shows that there is no industrial political concept of this government, not to talk about a “vision”. May Opel be less important in Germany with its other big carmakers, Saab is much more relevant for Swedish automotive industry as a whole. If I had only two smaller carmakers, I would have taken care!
Lasse
Nah I bought you a manual Turbo X SC but I guess I will have to keep it for myself seeing as you want an SS. Oh well, never mind!
All I can say regarding the current situation is that GM wont change their mind as it will make them loose face. I really dont think GM realises the impact this decision will have not just in Sweden but in every country that SAAB actually sells cars.
SAAB up!!!
they lost face recently with opel, didn’t they?
FUGM
spyker said to GM that they have until monday 4 pm to give a decision!!!!…hope they will move for heaven sake!!http://www.google.com/hostednews/afp/article/ALeqM5h6wBdkChJIPPgeSSOjnyEqnVLIRg
Muller: I sincerely thank you for you efforts, no matter this will work out or not.
GM: If this doesnt work out, we definitely know whats the problem!!
a manual TurboX SC is what i wanted for my birthday which past a few weeks ago, so Ill take that since you already bought it for me
As far as GM losing face, I dont think they have any face, body or soul left to lose.
It’s taken me an hour or so to catch up the news and comments, and I am ecstatic to find out that Spyker has stepped up in such a public, ballsy and determined way to get this deal done.
THIS is the passion that lives on at Saab as well. After reading and re-reading this press release, I am more than ever convinced that Muller is the man for the job. At first glance this may look like a “play” to call GM’s bluff (and I suppose at one level it is), but it so obviously demonstrates how committed Muller is to this acquisition and that he didn’t go into these negotiations on a hope and a prayer.
As others have mentioned, the 11 points would be interesting to know as it is the only card that GM had left to play (according to GM itself) before pulling the plug. The removal of those conditions (or objections) puts the ball squarely in GM’s court with no other choice but to blink and sign.
The 5pm deadline worries me, but at the same time impresses the hell out of me. Damn – that’s laying it on the line! I REALLY like how Muller rolls. This is exactly what Saab needs. Step up and don’t take no for an answer.
And now news of that Swedish consortium also working in the background. Eleventh hour indeed. I feel hope for today.
“Nulla tenaci invia est via!”
I just love this!
If I believed in Santa, I would ask for happy Christmas for Saab and all the people who work there also the owners of their cars
If I believed in Santa, I would ask for happy Christmas for Saab and all the people who work there also the owners of their cars
What a roller-coaster! Now at least I know the answer to one thing… if Saab do still go under, my next new car is gonna have to be a Spyker!!
Just checked the “Abouts” at the EIB.
Reading it, I can’t see why they wouldn hesitate in Saab ?
“The European Investment Bank was created by the Treaty of Rome in 1958 as the long-term lending bank of the European Union.
The task of the Bank is to contribute towards the integration, balanced development and economic and social cohesion of the EU Member States.
The EIB raises substantial volumes of funds on the capital markets which it lends on favourable terms to projects furthering EU policy objectives. The EIB continuously adapts its activity to developments in EU policies.
Besides supporting projects in the Member States, its main lending priorities include financing investments in future Member States of the EU and EU Partner countries. The EIB operates on a non-profit maximising basis and lends at close to the cost of borrowing. The Bank’s consistent AAA rating is underpinned by firm shareholder support, a strong capital base, exceptional asset quality, conservative risk management and a sound funding strategy.”
Check their page breakdown per sector: projects/loans/sectors/industry
An extensive list and an astronomic amount of € 32,559,629,017 finance contracts in industry between 2004 and 2009 and a total of € 241,964,216,775 invested in all sectors. Those figures are to big for me.
But being so EU-related. Why are the Swedish politicians so much on the background? Compare their involvement with the Germans openly lobbying in the GM-Magna deal before it didn’t worked out.
Steven, I’ve read your blog off & on for some time. Was great to see you on cnn.com, and surprising to see you’re in Tas, as my new employer is HQ’d there (I’m in the States). I’ll be visiting Hobart for a week in January, so I’ll be watching the Saabs for you. Wish they’d offer to see the company to the employees.
Cheers!
Svenska Dagbladet have expanded a bit on the news they mentioned in passing in a column earlier, that Convers Group and the Russians aren’t involved in the new Spyker bid. Here’s the most relevant little snippet of the article (my translation):
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But according to SvD Näringsliv’s sources, there have been changes in the owner structure backing the bid, where the Russian interests are no longer a part.
“The things that were seen as problematic in the ownership have been solved”, a source says.
Eyes are instead turning towards Spyker’s other major owner, the Abu Dhabi company Mubadala Development, which according to Spyker’s annual report owns 20-25 percent of the company.
Mubadala is owned by the Emirate of Abu Dhabi. Chairman of the board is the Crown Prince of Abu Dhabi, Mohamed Bin Zayed Al Nahyan. And Mubadala doesn’t lack resources. Mid-year, the company had assets corresponding to 160 billion Swedish kronor. Since 2005. Mubadala owns 5 percent of the shares in sports car maker Ferrari.
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Loonie, this is the statement of the year mate !!! One thing is for sure, no one is yet giving up and with your sense of humour it makes it a lot easier too.
How can the primary owner no longer be a part of Spyker? It makes no sense and look suspicious. In two days? Bizarre, and not very credible.
Hi all,
What to say ?.
GM are playing games. Sadly I do not believe them for one moment.
BAIC bought the production rights to the old 9.3 and 9.5. NOT the Saab name or use of it.
This I believe means the SAAB name has a future.
GM pulled the plug on the OPEL sale to Magna. This is most likely beause it was being sold at a low price. GM has now the money to hold onto it now after dumping it’s debts in bankruptcy.
It has been common knowledge that GM was to build some Saab cars in Germany.
I think GM will/want to close the Swedish Saab factories’ and then produce Saab in Germany, as sub’ to Opel.
BMW bought Rover in the UK. Kept the good bits. The rest was sold off, and now is dust.
BMW wanted to Make the MINI in Germany. But buyers opinon changed their minds.
ME; In the 70′s and 80′s I owned both Vauxhalls and Opels in the UK.
Honestly, in the Mid 80′s I had an Opel Monza GSE. I had lusted after one for a few years. All that money on another very bad GM car.
In 1985, I found a Saab 9000. Had 11 now. Still got a 98′ 2.3, amongst my 2, 9.5′s.
I wish Saab well, and know it will do all in it’s power to survive.
I will buy Saab’s many more times in MY future. BUT
NEVER if GM move it from Sweden.
If GM fail to look at all independant offers for Saab now, and for it to remain in Sweden, THEY SHOULD HANG THEIR HEADS IN ABSOLOUTE SHAME.
I don’t know, but a guess is that just as the Koenigsegg Group was not the same thing as the Koenigsegg company, so there’s a Spyker Group behind the bid, that is a separate legal entity from Spyker Cars. That should make it possible to kick the Antonovs out of the Saab bid without kicking them out of Spyker Cars.
I believe the SvD article is accurate, but attention should be elsewhere rather than the Middle East. My intel is that the Convers group weren’t just removed, they were replaced.
Mabudala were involved only through their ownership stake in Spyker. Remember, this was Spyker and Convers buying Saab initially, not Spyker, Convers and Mabudala. So from Spyker and Convers you have to remove Convers and insert another investor. I don’t believe that other investor is Mabudala, but hopefully Spyker will come out and talk about that soon.
The hard part for them is that in order to talk about a new investor, they may have to talk about why an old investor has been removed. The people at Convers are major business partners in other ventures so they do not want to embarass them by talking about it – this is most likely why there’s nothing in the release about the change in the group.
Thanks for the inside info, Swade! A new investor yet again, eh? Surely not another bunch of last minute Swedes? Fascinating how much interest there suddenly seems to be for this uninteresting, perennially loss-making, unsalvageable little car maker… ;o)
Well, if the Russians are out, then that means that the rumours that they were the reason (or at least one of the reasons) for GM’s backing out must have been true. Considering the fact that their presence behind Spyker was well-known since Spyker first entered the fray, something new must have come up at the last minute. Maybe a discreet little nudge from the CIA or something? In that case, we’ll probably never know, but it’s always fun to speculate.
ballsy move by Spyker. exactly what we need to see.
Here in the US, I think it will be very difficult for GM politically if they DO sell. spyker is smart to make it more difficult for them not to.
a successful run by spyker or ksegg would make gm look even worse than they do today, and after the govt bailout they can’t really afford that. I for one don’t think they ever intended to sell either saab or opel, but suppose gm mgmt, like me, cannot see how saab could thrive if they remain with gm.
thanks swade for a fantastic blog. VIKING UP!!
I was wrong about Spyker and CJ, but I had a feeling that CJ was joining a bidder!
Here’s a very interesting new story from Swedish Radio. (How they’ve managed to interview both the analyst and Jöran Hägglund in the middle of the night, I don’t know. Or if the interviews were made earlier, then why wait until 03:30 to post the story?) In it, motoring analyst Matts Carlsson says that the new bid from Spyker shows that there is a strong interest for Saab. He speculates that GM doesn’t want to sell Saab, because they’re afraid of future competition.
Carlsson says that he has personally done a careful analysis of Saab’s business plan and considers it viable. He questions if it’s reasonable to close down a well functioning, competitive unit only to avoid competition. That very question was then put to Jöran Hägglund, who unfortunately only gives a very non-committal answer:
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- There are many speculations. Now we know that Spyker have submitted another bid, which GM have at least said they want to analyse before making a final decision on how to proceed.
Couldn’t the government still do very much to actually influence GM in this decision?
- GM are the ones that are selling, and GM are the ones who own Saab. They are entitled to do what they want, says undersecretary Jöran Hägglund.
—
It’s very unfortunate that the reporter doesn’t ask the obvious follow-up: Is it reasonable for a company owned and controlled by the US government to shut down a competitive and cutting-edge Swedish industry, and a national icon to boot, on such weak and insidious grounds? Wouldn’t it be reasonable for the Swedish government to confront their counterparts in the American government about this and ask them to lean on GM to do the right thing?
It’s getting too late now, but tomorrow, I think I’ll send a mail to Hägglund, if I can find the address, and ask him exactly that. If anyone else feels inclined to do the same, that would help to turn up the pressure.
Börjesson, competition is the only reason that I can think GM made such a dumb headed move.
I’m not sure about the terms for the US goverment loan given to GM. I know that they should sell or close four of their eight brands.
But was there any conditions about choosing the most economical choice between selling and a closing?
Oh!
Lets hope GM returns to the table, remember the door was open. Maby we´ve been hard on them, lets hope they do the right thing. SAAB has the best cars!!!
My best wishes for SAAB.
WE CAN!!!
Saab will not die. I have provided my arguments in the link below. Tell me what you think:
http://www.autotribute.com/prediction-saab-will-not-die/
JUST COPIED FROM AOL
LIVE FROM DETROIT;
It’s being reported that General Motors is poised to shut down Saab, despite production restarting at the company’s Swedish factory today.
“We’re closing down Saab. We’re winding it down,” GM executive Ed Whitacre told Autocar.
There have been offers to buy the ailing Swedish manufacturer as a going concern, including bids from Dutch sports car maker Spyker and a consortium led by Bernie Ecclestone, which is rumoured to have offered £88 million for the company.
But there’s fresh doubt here at the Detroit motor show that GM wants to sell Saab at all, because it would lose control over the technology and resources it’s put into the company. A wind-down now looks the most likely option.
MY COMMENT;
May the DEVIL of all DEVILS curse the GM organisation for all eternity with hell & smolten white fire, if this is true……
Terry – there’s a lot of confusing, contradicting and simply erroneous news floating about. This one has been reported already.
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