Closing Spyker’s deal with GM for Saab
February 15, 2010 in News
As I alluded to in an earlier post, I do not believe that Spyker and General Motors will close the deal for Saab today.
I know that the initial deal signing on the 26th mentioned closing the deal in February (which it will be, I’m sure) and I know that the 15th has been mentioned by people involved and by news services quoting those people, as the day it’s due.
But my understanding is that it’s not going to happen.
Call the 15th a soft deadline, if you will (a-la a velvet sledgehammer). It was a date by which everything had to be in place for the deal to go ahead. Those things are in place now – the EU, the EIB and the Swedish government – so things can take their natural course.
You don’t just sign a single paper to buy a car company. Now that these matters are taken care of, the volumes of paperwork involved have to be finalised before being ready for signing.
As I undestand it, just signing the initial agreements took about an hour. The documentation involved in the actual closing will possibly be more complex. Agreeing on the deal meant taking care of all the big dealbreaker stuff. Finalising the deal means all the small stuff has to be taken care of, too.
Things are in order. It’s going to happen. But don’t be too concerned if it doesn’t happen today.
