ZEEWOLDE, The Netherlands (1 February, 2010) - In advance of the General Meeting of Spyker shareholders, to be held on 12 February 2010, and which was convened on 28 January 2010, Spyker Cars N.V. ("Spyker") provides further strategic and financial details regarding its acquisition of Saab Automobile AB ("Saab").
ACQUISITION RATIONALE AND SAAB BUSINESS PLAN
Spyker believes that through the purchase of Saab it has a rare opportunity to acquire and rebuild a global car brand which will be repositioned towards an independent performance-oriented niche car company with an industry-leading environmental strategy. Saab‟s brand DNA is unique and rooted in its aeronautical heritage, innovative and independent thinking and its Swedish origins. Spyker fully supports Saab‟s Business Plan which will be implemented by Saab management. The Business Plan, drawn up by Saab management over the past ten months, was analysed by Spyker in assistance with Booz & Co and KPMG Transaction Services, advisors to Spyker. The Business Plan has also been analysed and supported by several advisors to the Swedish Government and the EIB.
At the General Meeting, Spyker Cars N.V. intends to adopt a resolution to change its name to Saab Spyker Automobiles NV ("Saab Spyker"). This entity will operate Spyker and Saab as two separate operating companies, each focused on its distinct target markets with their respective vehicle lines. As previously stated, Saab Spyker is committed to execute the Saab Business Plan. It is the intention to enhance it in several areas. The highlights of Saab's strategy will be:
- Saab will be a stand-alone niche manufacturer with three to four model lines: 9-3 (sedan, hatchback, sports estate, X and convertible) and 9-5 (sedan, sports estate and X) and the 9-4X for both the US and European markets. In addition, Saab will investigate the potential of adding a fourth smaller car line ("9-1") in due course provided that the positive development of the smaller car segment continues. However, this model is currently not envisaged in the Business Plan so if the outcome of the investigation is positive, additional financing to develop this model could be required.
- Saab's product portfolio will be renewed completely, beginning with the launch of the new 9-5 early this summer, the new 9-4X in early 2011 and the new "all Saab" 9-3 in 2012.
- Saab will continue to be repositioned against other brands such as Audi (A4/A6) and BMW (3/5 series) as a premium brand, leveraging its strong and unique brand heritage.
- Saab's Technical Development Center in Trollhättan has full capability in developing complete vehicles and will continue to do so. In areas such as safety, environment, driving characteristics, practicality, turbo technologies and several other innovations, the Saab brand is among the best in the industry.
- With Trollhättan as one of the most efficient mid-size car plants in Europe, production and sales volumes are aimed to be rebuilt to recent pre-crisis levels of about 100,000 to 125,000 vehicles including the 9-4X built in Mexico.
- The current dealer network will be re-energized with a new sales and distribution approach in certain markets, which will be implemented during 2010.
- The economies of scale of the on-going collaboration with GM after Closing the acquisition (February 2010) will continue to be leveraged in sourcing via ancillary agreements, with independent sourcing gradually increasing to reduce GM dependency and obtain improved access to other suppliers and the co-development of unique innovations.
Saab Spyker believes that its two brands, both deeply rooted in aeronautical and automotive history, will benefit from sharing certain assets and technology services. Examples include but are not limited to
- Saab's extensive global network of 1,100 dealers.
- The extensive engineering know how and innovative technologies available at Saab.
- Sharing of activities in marketing & sales: i.e. merchandising, promotion & sponsorship activities, etc.
In the future, the two brands will be able to share certain parts and components and expect to obtain access to supplier and partner resources not available to Spyker or Saab individually today.
FUNDING OF SAAB
The Saab Business Plan requires approximately $1 billion in peak funding for Saab in advance of the return to profitability, forecast to occur by 2012. The funding is provided in part by GM, through $326 million Redeemable Preference Shares ("RPSs"), and in part through other contributions, which concern various substantial contributions to the funding of Saab‟s Business Plan on favorable terms for supplies by GM to Saab and deferred payments from Saab to GM. The remaining amount, apart from cash at bank, is to be provided by a EUR 400 million loan from the European Investment Bank for certain R&D projects at Saab. Securing this EIB loan is a condition precedent to closing of the Saab acquisition ("Closing").
With this financing in place, the business plan does not envisage any future funding being required, neither from Spyker or elsewhere, for Saab to return to profitability. The business plan targets car production and sales at or below historical levels of 100,000 to 125,000.
Explanation on the two sources of funding:
Redeemable Preference shares
At Closing, GM will convert USD 326 million of pre-closing receivables on Saab into RPSs in Saab. The issue of the RPSs will therefore NOT cause any dilution for the shareholders in Spyker. The voting rights attaching to these RPSs constitute 0.0005% of the total voting rights in Saab. The other 99.99% of the voting rights (100% of the ordinary shares) will be held by Spyker. Since the RPSs are capital and not a loan, no interest is due at any time by Saab. The RPSs carry no dividend from Closing until December 31, 2011. A dividend entitlement of 6% starts from January 1, 2012 through June 30, 2014 and increases over time to 12% as from July 1, 2014 until the scheduled redemption date of December 31, 2016. The dividend over 2012 will be added to principal, but as from fiscal year 2013 the dividend is payable in cash. Should Saab have insufficient distributable reserves to pay the cash dividend it will be added to principal increased with a penalty factor of up to 4%, but such that the total dividend entitlement will never exceed 12%.
In the period 2010-2016, the average dividend payable is about 4%, which is considerably below the average interest on a comparable subordinated loan.
The RPSs qualify as equity and therefore, if Saab cannot pay dividends or redeem the RPSs, Saab will not be in default but the RPSs will simply continue to accrue. Also, the RPSs cannot be redeemed as long as the EIB loan is not yet fully repaid. The Saab Business Plan envisages redemption of the RPSs starting in 2016 out of retained profit, without additional funding (from Spyker or anyone else) being required.
EIB loan
The Share Purchase Agreement is subject to the execution of a EUR 400 million loan agreement between Saab and the European Investment Bank ("EIB"), for which a guarantee was obtained from the Swedish Government on January 26, 2010. This loan will be issued to Saab. All amounts payable by the EIB are specifically earmarked to the Euro for designated Saab projects and capital expenditures and represent 50% of these projects or capital expenditures. The projects mainly relate to increasing fuel efficiency and clean car technology. The remaining 50% is funded by Saab itself pursuant to its Business Plan. Spyker will not have any access to the EIB funds which are completely ring-fenced nor will it pay any part of the Purchase Price with proceeds from the EIB loan. The guarantee is subject to approval by the European Commission. Saab and the Swedish Government have provided all required information to the EC prior to the issue of the guarantee so the decision by the EC is expected very soon.
FUNDING OF SPYKER
Spyker's existing bank loans in the aggregate amount of EUR 57 million are refinanced by Tenaci Capital B.V. ("Tenaci"). The terms and conditions of this loan will mirror those of the existing loans it repays, including the right to convert EUR 9.5 million into ordinary shares at EUR 4.00 per share. The term of the loan is 12 months and the interest 10 percent above Euribor. After payment of the last instalment of the Purchase Price, Tenaci has the right to collateralize the loan on terms and conditions identical to those on which the existing loans were collateralized.
The Purchase Price of Saab amounts to USD 74 million (EUR 53.23 million at the current exchange rate of 1:1.39). The first instalment of USD 50 million, to be paid on Closing, will be paid as follows: USD 25 million is borrowed from Tenaci at the same interest rate as the other funding extended by Tenaci, without the right to convert into shares. This amount is currently already in escrow with General Motors.
The other USD 25 million is financed through a share issue, largely through a commitment from GEM Global Yield Fund Ltd under an equity facility concluded between Spyker and GEM. Spyker currently does not intend to draw in excess of USD 25 million under this facility.
The second instalment, USD 24 million, will be payable on July 15, 2010. Spyker has been approached by various investors to fund this instalment. Spyker intends to finance this amount primarily through senior debt (senior to the debt owed to Tenaci), but does not rule out other alternatives. Spyker has committed to pledge its assets to GM as security for this final tranche.
FUNDING OF TENACI
Tenaci's equity is wholly owned by Investeringsmaatschappij Helvetia B.V., the personal holding company of Mr. Victor Muller. Tenaci obtains its debt funding from sources that wish to remain anonymous and with which Tenaci has entered into non-disclosure agreements. The terms and conditions of Tenaci's own financing do not impact Spyker or Saab in any way.
Tenaci has successfully bought Mr. V. Antonov's current shareholding in Spyker consisting of 4.6 million ordinary shares, subject to closing of the Saab acquisition. Currently Tenaci has no plans to make a public offer on all of the issued shares in Spyker.
Couple of quick observations:
9-3 Hatchback?!
ETA of 9-5 and 9-4x are later than I'd expected. That's disappointing. I was hoping for Spring delivery of the 9-5.
"current dealer network will be re-energized with a new sales and distribution approach..."
As a dealer, this is very interesting.
Yeah, couldn't you just imagine a completely modern Saab that harkens to the shape of a 92, 93, or 96 with a cavernous hatch opening in the back? Hm... Or am I dreaming ahead to a 9-1?
As usual, Kermit is able to sum it up in so few words!
In general, I like what I read. I hope Saab doesn't go TOO upmarket.
Cheers,
~P
As for Saab's business plan, I'm confident they have the expertize and knowledge to get through it.
That leaves us, what can we do to help, hopefully Saab marketing will let us know what we can do as owners and enthusiasts.
http://www.caradvice.com.au/51800/skoda-superb-review-road-test-2/
Other than that: this transactions seems to create a very heavy debt burden for the new company.
Quijote: No need to worry, all signs from EIB are positive. Since the business plan has been approved by so many instances, it's hard to imagine them saying no.
Being the conservation-minded thrifty overgrown Boy Scout that I am, only two things do I ever routinely brag about, regarding my car: 1.) gas mileage, and 2.) relatively reasonable cost. So, I share your concern about Saab ending up going the route of BMW/Mercedes on the financial side of things.
Of course, don't get me wrong, I do less often discuss turbo power, road handling, xenon headlights, good storage, that killer sub-woofer, and other things that make my Saab so cool. (My wife is mostly enamored with the heated leather seats.)
Anyway, better able to afford paying the premium required to support my favorite brand than I used to be able to do... But that doesn't mean that I am not without limits on what I see as reasonable to spend on transportation. And perhaps therein lies the rub, Saab caters to a particularly finicky, educated lot, and as a group are likely to have boundaries on how much we are willing to spend on purchasing a car.
My first car, 1980 Monza Spyder... HATCHBACK.. oh yeah...
HATCH UP!
Each new model release can move a little upmarket over it's predecessor, but trust and credibility in the market place will have to be earned. That will take time.
As far as I'm concerned, Saabs are cars that I don't mind saving-up for.
The "no money down $5,000 cash back" thing wasn't working out, to put things mildly.
Actually this existing dealer is selling the Saab brand in the first floor without much attention and in the ground floor are the Opel's, the Volvo's and the Land Rovers...We expect I think something more envolving with this brand that makes us maybe more specials than going to a car supermaket...
Greetings from Gran Canaria island.
Salvador
Audi needed about 20 Years to be were it is now.
"Saab will be a stand-alone niche manufacturer with three to four model lines: 9-3 (sedan, hatchback, sports estate, X and convertible) and 9-5 (sedan, sports estate and X)"
SaabKen: a new 9-3 hatchback ? This was mentioned by Michael Mauer (ex-Saab design chief) as one of the original body styles in the Project 440 that never made it past the final rounds:
http://archive.cardesignnews.com/autoshows/2003/frankfurt/preview/saab-93sporthatch/index.html
A 9-5"X" huh ? Sort of like a bigger 9-3X ?
"Saab's product portfolio will be renewed completely, beginning with the launch of the new 9-5 early this summer, the new 9-4X in early 2011 and the new "all Saab" 9-3 in 2012."
SaabKen: New "all-Saab" 9-3 ? Wow !
"Saab will continue to be repositioned against other brands such as Audi (A4/A6) and BMW (3/5 series) as a premium brand, leveraging its strong and unique brand heritage."
SaabKen: More power to ya !
I think too many people here talk too much. First Joran Hagglund, now Spyker.
Anyway, looking forward to the hatch. That's cool.
The more interesting parts of this are the elastic clauses about future sharing, like "In the future, the two brands will be able to share certain parts and components and expect to obtain access to supplier and partner resources not available to Spyker or Saab individually today."
I'm very curious to see what projects could develop, and see Saab catapult itself to the head of the luxury pack just by association with a higher priced brother that produces insane sports cars, suvs and sedans. Pretty cool.
There's no time frame on this, but it's going to take at least 5 years IMHO. By then newer models will be mostly GM free, and I'm guessing the NG9-5 will be nearing retirement. The last legacy GM car.
•Saab will continue to be repositioned against other brands such as Audi (A4/A6) and BMW (3/5 series) as a premium brand, leveraging its strong and unique brand heritage
2. On the release dates for the new models, they are being conservative. I'd rather they take their time with the new 9-5 and do an extra round or two of quality assurance before it goes to market. There's too much riding on this car for it to be less than perfect. For the 9-4x, production will start soon; there's no reason to delay the release unless GM wanted its sister brands to get the first go at the market. For the new 9-3, lets hope they mean Model Year 2012, starting summer/fall 2011.
3. 9-3 Hatch: AMEN. I think most people supported the 9-1 idea as a reaction to the lack of a NG hatch. Once the new 9-3 is released, the 'need' for a 9-1 will diminish. Since the 9-1 will require additional funding, and looking at the track record of the similar Volvo C30, the 9-1 is a non-starter.
Someone recently suggested (in comments) that the NG9-3 wagon and the NG9-3x would basically be the same car. This could help Saab add hatchback models without adding too many extra body styles, especially if a 'twin door' sedan/hatch is in the works?
There's always room for surprises in the mix.... don't forget about VMs enthusiasm towards small volume creation of an Aero-X.
@Jeff-
In the future, Spyker will be powered by a highly tuned Saab V8 4.0 HOT (let me call it the B435RS) which will also power the low volume Aero-X ..... it is destiny :-)
Otherwise, let me sum up by stating:
Happy.
9-3 Hatch.
Now.
Thanks.
Mike.
Win.
BBTH!!!!!
End.
:-)
My '09 9-5 Combi is roughly the same color blue as my old Monza. Makes me smile every time I associate the two. :)
Anyhow, I'll agree ... bring back the hatch!
Griffin Up!
Looks like no chance of modern day 9000 Aero though. We can get a 9-5 sedan or combi, or uber-combi (x). I still think a large hatchback makes sense (again, newer gen 9000 is an example), but I guess they have to draw the line somewhere with how many variants they will produce.
I hope the 9-5 uber-combi will be relevant ~2-3 years from now. Audi is done with allroads, and I don't think anyone else really makes a 'luxury' rugged wagon.
I'm looking forward to new bold and tasteful SAAB/Spyker advertising and promotions.
For the love of Allah, let's lose the self-consciousness about competing with BMW or Audi (or M-B).
Granted, there is an undeniable single year lacunae for a 9-3 buyer (dropping the 6 cyl Aero was a monumental mistake...almost rather that they skip model year 2010...the saavy buyer is better off to hunt the market for a low-mileage '08).
2010 is the 'Year of the 9-5' -- all rides and falls on. I'm encouraged that the Tuners (MapTun explicitly...I'm sure BSR, Hirsch and VTuner (my personal favourite) are in the wings for Panamera performance numbers (but a damn site better looking!).
Don't think it's all about the 'hatch' (Kroum: Are we not a two-headed hydra on this point?) . If brought back though I'd like to see it 'Big and Chunky' (a la 900 SPG!).
Now the 9-3 Hatch: That is for the enthusiasts! This will sell! However, I do not think that my wife would ever buy one. She would (and has) bought a 9-3 SC, however. She described it as the "coolest wagon, ever". It has regularly been described as such in automative publications. It is a great car in a small segment, but something that you have to hang onto.
Oh, I am so happy that in 2012 we will have a 9-3 Hatch! Make mine a coupe, please!
Would be great to know the contents of the package in detail.
Completely agree that dropping the V6 from the 9-3 range was a monumental mistake. To compete in the market Saab wants (and has) to compete in a V6 is an absolute must.
And while at it, pump that V6 in the NG9-5 up, will ya!? This thing needs to put out 350 hp. Yeah, sorry, but now that Saab's saved: time to get to work! The problems that were there 10 months ago have not been solved.
Unfortunately importers have 'business plans' too. If an importer was to decide that selling a 3dr. hatchback model in Australia might rob from sales of sedans/wagons and be less profitable, it could decide to exclude that model from it's range. Unfortunately I've seen it all to often here. It even happens with manufacturers who have their own distribution here sometimes. For example, VW wont sell the Scirocco here, because it thinks it will rob sales from the Golf and the total sales of the two models combined would not be much greater.
If you want to be a "performance-oriented niche car company", you need to also be performance, not just niche.
I was hoping to go the V6 route like the new BMW VED (http://www.bmwblog.com/2010/01/30/rumor-bmw-vision-efficientdynamics-gets-greenlight-as-production-car/). If they can green light a super high performance Eco-Halo car, I think Saab should get in that space right along with them. Saab needs to be THE go to eco-sports car, which is going to be an extremely competitive but ultimately profitable field. From the ground up, they need to use core technology that allows maximum performance for lowest cost and environmental impact. That's what turbos were all about 30 years ago, and today that's what electric propulsion and alternative fuel/engine technology provide. With a comprehensive strategy that implements Saab's new propulsion strategy from the get-go with the new 9-3, there will be a credible way forward for Saab to establish itself as a player in that arena.
I know a lot of you shake your heads that there is not enough time or money to compete in that space, but it's a mandate- by the Swedish govt, EIB, and by the marketplace. Like it or hate it, there will be some crazy propulsion tech in the new Saabs, and it needs to be scalable and ultimately unique for it to take hold. I certainly hope that's what was "out back" that Saab worker was telling us a few weeks ago.
@Brett...I'm pretty confident that's what Victor meant by 9-5x, an uprgraded 9-5SC with more rugged suspension and off road styling. I'm getting so tired of the grey colored bumper and fender flares though, I hope they can instead go with some rally-inspired bits to set it apart. That whole Volvo/Subaru/Allroad look is getting really old. It's time that Saab separate itself more from the pack, go the opposite direction. Implement cool lighting, some skid plates, improved clearance bumpers which allow better approach angles, etc. Rally friendly stuff, maybe even colors inspired by Saab Rally teams. That'd be an "X" model, and while your at it, why limit it to the Combi models only? Make it an option for everything, it's mainly mechanical and lower body anyway.
In response to Charles, Saab does need the V6, but they need it to maximize efficiency. They need to compete against BMW and Audi, who will continue to use V6s in their S4 and S6 models. What their downsizing does is finally give Saab a chance to catch up and beat them at our own game.
A twin-turbo four-cylinder would be a great engine for the model just below the line topper. And if they manage to squeeze 320 horses and 300 lb. ft. torque out of a reliable four, then make it the Aero engine for the 9-3, provided it weights significantly less than the current one without being the size of a Golf (because that's an altogether different market segment).
That'd be an interesting strategy. Drop the regular 9-3 SportCombi and simply offer the 9-3X. This makes room for a 9-3 Hatch without crowding the 9-3 line.
Subaru did the exact same thing in N. America (dunno about internationally) with their Legacy wagon and OutBack. The Legacy wagon is gone for 2008MY, and the only wagon choice now is the OutBack. With the revamped Forester growing in every dimension, I think the Legacy wagon was losing sales.
I also think the convertible and 3dr. coupe should be closely related and a little different from the sedan/wagon.
In the past, you could never really tell if you were driving behind a 3dr. or a 5 dr. hatch, until you got alongside of it.
That should change. The more sporty convertible and coupe models should share some different panels and light treatments, but the coupe should still be a practical hatch. Do that Saab and I'll bend over backwards to buy one.
Swade, how about a Pollhattansaab to determine what percentage of buyers would choose which body style in the NG 9-3?
Ie: It could go something like this:
If you were to buy an NG9-3 would you choose:
1, Convertible
2, 3 door hatchback coupe
3, 5 door hatchback
4, 4 door sedan
5, Twin door 4dr/5dr combined model instead
6, Wagon/9-3X
Obviously the wagon and 9-3X could still be discreet models, but Saab has limited capacity to build too many variants.
Personally I find it hard to see any single model lineup not creating a bit of self-cannibalization between a 5-dr hatchback *and* a traditional 5-dr station wagon/estate. But that's me.
I would add a "2-door" coupe/notchback (a la A5/S5, 3-series coupe) to your list above (without the hatchback) so it'd look like this:
http://www.bmwusa.com/standard/content/vehicles/2010/3/default.aspx
From the Spyker release:
"...9-3 (sedan, hatchback, sports estate, X and convertible) and 9-5 (sedan, sports estate and X) and the 9-4X for both the US and European markets..."
Does the "X" stand for Turbo X, like a high performance version of the model? If so, wouldn't the "X" also be included in all trims like the XWD Aero as currently available in the 9-3s and 9-5s? Jesus, I'm confused and I'm a Saab afficionado. Imagine the casual customer! With so much Aero and X and Griffin talk, this is getting quite confusing.
Mmmmmm, a 9-3 Aero XWD 2-dr coupe ....
Here's something I've always been curious about. The 9-3 Vert .... does it start out with a hard roof, which is then chopped off (at Graz, by Magna) to become the Vert ?
You see where I'm going with that, folks ? [wink]
But that is different than the NG9-5 Aeros and current 9-3 Aeros that offer XWD as a standard/optional feature. These models don't have the "X" suffix, as they are merely trims with sportier performance, appearances, and the addition of XWD (denoted by a small "XWD" badge on the trunk lid).
Clear ?
WHAT SAAB DIDN'T BUILD: Swede Dreams Aren't Made of These (p.15):
"9-5 Allroad - Plans for a high-riding, chunkily styled 9-5 estate with a clever front-end differential were well advanced in the late 1990s. And then canned."
"9-3 Coupe - A simple, relatively cheap project, based on the 9-3 cabrio. Market research from the US that suggested the couple market was dying killed it."
:-(
SaabKen, I'd like a two door coupe too, but I'd hate to see it come at the expense of a 3 door coupe. As I said, rather than just a 3 door hatchback like Saabs of old, make it a sports coupe with a hatch. This would mean some compromise, but clever design could limit this. ie, it could still be a practical hatch as well.
I still think the 4 door/5 door in one is a good idea. If you really want to haul larger loads all the time, go for the wagon. Many people (including me) just don't like wagons however, and the twin door would be a good compromise.
I ask my learned forum colleagues if there is a hint of this in the text we read above?
Müller claims he has six months to find the dough. The brain trust on DI's forum takes this issue as another nail in the coffin and as proof that A) Müller is a crook or B) Saab is doomed.
Any thoughts?
Some press areas obviously dont want any further SAAB contact, press cars and junkets etc.. do we really need the negative ones along for the ride ?
I think they would have there hands full road testing gm cars only :D
However, if it is true that Muller does not yet have the financing clear, in my view this is a critical point and a possible obstacle to the deal and to the future of Saab. So even if I would prefer more balanced reporting in the Swedish media on Saab, given these news, it is fully legitimate to raise critical questions. Either Muller finds the remaining millions of dollars, or he cannot do the deal. Remember btw that even Koenigsegg and GM had signed a "binding agreement". Alternatively, Muller could take the money out of Saabs pocket. Not only in regard to the costs of running and developing Saab this would be a catastrophy. In terms of media echo, this would be the total meltdown. In any case, both factors - continuing negative reporting and lack of funding - are working against Saab in their struggle to attract old and new customers.
In my view, there is only one solution that works, and that is to quickly provide a solid and unequestionable additional funding.
Personally, I think its a mistake to keep the Aero as just a designline, as it is at the moment, and has been forth and back the last decade or so.
The Aero versions must have more uniqe features than at present. The only thing separating the 93 Areo from a vector is more or less the double exhausts and the front.
The engine performance must be Aero uniqe as the aerokit, breakes, suspentions, interior, rims and mabye colourops.
The Aero must stand out more as the true performance chioce for customers and must not be degraded anymore.
Then, of course, a limited special version of the Aero for the true diehards, could be made on occations. Personally, I like the name "Super Aero" or "SA".
If Saab was to return to its motorsport roots, then these limited versions might have a name that ties them to that. "Saab 93 Aero DTM" for instance.
'New all-SAAB 9-3', though is very different wording from an 'all new SAAB 9-3'... Again, let's see what SAAB comes up with.
Now I´m a bit torn between 9-4x and 9-5 SC XWD. Which should my next car be. Oh the sweet agony - especially compared to the agony we had a bit earlier.
If it remains priced to compete with the 5-series BMW and the assorted Audis and E-Benzes but actually conveys the 7-series/S-class feeling then it is guaranteed to be loved by people who would like to drive an S-class but only can afford an E-class. And there are no 5-door hatches or station wagons in the luxury segment except the BMW 5-series GT which is in fact a 7-series hatchback. So the 9-5 SC would be in a class of its own, even more so in a potent and luxurious Turbo X version.
Ivo
I'm looking at these prices for the new 9-5(I believe this is for the belgian market), and I wonder... why the hell are there no XWD models other then Aero? Same with the V6? Is this specific for some markets, or maybe they'll add those models later?
There are some disturbing news on Di and E24, regarding the financing, 175 MSEK missing. Can anyone give some clarification and assurance that the deal is not going to fall apart?
There is also information (Di paper version) about that one of the bidders CJ went in 'personal bankruptcy' (correct wording?) and that his company Merbanco does not exist anymore.
About CJ and Merbanco, you can ask him, he normally apears here, but maybe he doesn't want to talk about his finance situation.
Different car-styles for different markets? I seem to remember, that the chinese market is all about sedans, whereas MY market (Denmark) thinks that the last Saab was built in 2002! (because the hatch WAS Saab).
---
Industry Minister Maud Olofsson doesn't want to comment on reports that Spyker still lack capital for the purchase of Saab.
- You'll have to ask Spyker that question. We go in with loan guarantees. How they solve the payment is a matter between Spyker and GM, she said at a press meet in parliament.
She doesn't appear to be quite sure that the deal will come off.
- Some pieces of the puzzle remain. The European Investment Bank must grant the loans, and then the Commission has to approve and sort out the deal. That will be an incredible challenge, Olofsson said.
She confirms that the government aren't fully in the know about where Spyker gets its capital. The question is how the government could then grant loan guarantees for the deal.
- It is the ownership we examine, and our securities. It's important to remember that the ownership question is not the same thing as who has the capital. It is a listed company that has to abide by certain rules, Olofsson said.
She confirms that the Swedish government didn't want to see the Russian Antonov family as one of the owners behind Spyker.
- Yes, we thought that owner was unsettling. We didn't think it was a good owner, but it was mainly GM that made that demand, Maud Olofsson said.
---
But in that infamous interview yesterday, Jöran talked about the meticulous vetting of Victor Muller and how the government had been given an accounting of the financiers behind the deal. We Saab entusiasts have pretty much built our defense against the incessant media demands to reveal the financiers on that. "If the Swedish government and GM know and approve of the financiers, then that's good enough for us." So does the govt know and approve? Or have they contented themselves with examining the outright owners and looked no further? Some clarity on that would be welcome. Personally, I'm inclined to view Hägglund as considerably more knowledgable and sensible than Mortar Maud, but at the end of the day, she is the boss...
Would this mean that Saab could get their engines from other suppliers? Then we have a new playing field :-)
What engine would you like to be the basis of a Saab Turbo/Twin Turbo? Something from the BMW/PSA cooperation, a Renault or the new FIAT?
IMHO the new Opels look a great step forward, except for the engines! So an "Astra"- platform (lengthened) and with Saab-power wouldn't make a bad basis for the 3. generation 9-3...
I begin to get concerned about the witch-hunt media seems to have started again and their unwillingness to give up on this theme.
I know CJ sometimes appears here. Di quotes a source that it was when Swedish government confronted CJ about being under personal bankruptcy and that Merbanco as a company did not exist anymore when he admitted this. This was in the middle of the bidding phase also. This is the bidder Jöran Hägglund was making fun of in yesterday Di (paper version). I wonder if Swade can give som clarification.
I count the days until Feb 12 when the agreement is signed. Hope media doesn´t come up with more.
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Merbanco disappeared
Among the other alternatives, American Merbanco, with Chris Johnston, was viewed as strong. The Merbanco group courted the Swedish government several times about a loan guarantee, but in November, it was discovered that Chris Johnston had been put into personal bankruptcy and that Merbanco didn't exist anymore.
At that time, the company was in discussions with GM.
"He admitted the circumstances when the Swedish government confronted him, but hadn't previously wanted to inform them," DI's source says.
In spite of a number of Saab enthusiasts, like Lars Carlström, Jan Nygren and Christian von Koenigsegg, going over the Swedish capital market with a fine-tooth comb, other than Folksam they found no interest in financing the deal.
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So CJ was that unserious bidder that Hägglund mentioned in yesterday's interview! I would never have guessed. If this is true, then CJ has led us all down the garden path, and I don't expect we'll be hearing from him again. Remember his statements in December about how financing was not a problem, how his investors were "strong as bear's breath"?
There is a early comment that mentioned the Skoda Superb and its twin door hatchback. To my knowledge the BMW 5-series GranTurismo is the only car other than the Skoda that's fitted with with double boot lids.
I've read somewhere, can't find where but the twin-door is supposedly originally a Saab-engineer patent. During the 80s or 90s an engineer at Saab got the brilliant idea to fit two sets of hinges on the boot lid. The management obviously didn't put the idea in production, they didn't see the point and it would also increase the price of the car.
The inventor went his own way by creating a patent for the invention which he then tried to sell to other car manufacturers.
He didn't succeed and 25 years later when his patent had expired the first cars with double lids appeared on car shows.
Can anyone provide a source for this story.
Maybe slightly OT...
I will say what I can later.
For the moment, I'll just say that there's a lot of context missing from what they've said there and it's important to have the whole story.
CJ's been a friend to this website and remains so.
There's one more article in today's Dagens Industri that is of interest. In it, we get a clarification from the highest authority regarding the collateral the Swedish government has to their loan guarantee. This should (but won't, of course) put a stop to all the yapping about how the Saab deal puts tax payers' money in jeopardy.
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Reinfeldt puts his foot down about Muller's money
Prime Minister Fredrik Reinfeldt now concurs with the demands that Spyker's owner Victor Muller should openly account for the financiers behind the purchase of Saab Automobile.
In yesterday's DI, state secretary Jöran Hägglund - who has been the government's coordinator in the Saab process - explained that he feels Victor Muller should reveal what financiers are behind him in the Saab purchase, which is also made with the help of state loan guarantees. Jöran Hägglund also said that the government is aware of who these financiers are.
Up to Spyker to tell
He is now supported by Prime Minister Fredrik Reinfeldt.
"I read the interview with Jöran Hägglund in DI, and there he says that he knows more and feels it's up to Spyker to disclose it. I have no differing opinion."
Finance Minister Anders Borg agrees:
"I think it's reasonable that you should put these questions to Spyker. Spyker are the owners of a Swedish industrial company, and of course you should ask about this."
But what is your opinion as guarantors? Should Spyker reveal the financiers?
"I think it's reasonable that you should ask the questions."
Anders Borg isn't worried that the tax payers' money is put at risk in the Saab deal. He stresses that external evaluators have produced collateral for the loan guarantees, and there will now be careful monitoring from the Debt Office to guarantee that the loans - which aren't paid out in a lump sum - are used in Sweden.
"We have a satisfying level of security. Our collateral in Saab is valued at bankruptcy rates, and even so we have collateral exceeding this loan," says Anders Borg.
Fredrik Sjöshult
Dagens Industri
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Super Test: Spyker Ailerons
This is Saab's new systerbil - Spyker Ailerons. As the first Swedish newspaper, we present a test run on the super car you saw on television pictures from Stockholm and Trollhättan.
Motor journalist Nick Hall test drove the car in Scottsdale, Arizona - in the midst of final negotiations between Spyker, Saab and General Motors.
Spyker Ailerons belongs in Monaco, Beverly Hills, Dubai and the world's centers of wealth. To then turn up in a trailer park in Scottsdale in Arizona was as politically incorrect as to run through the slums of Calcutta and waving his Rolex or thick bundles of money to the population. Yet was not even the poorest people in this society of tarnished, mobile homes resist a smile and some quick questions about the strength, origin and price.
Pleasure, decadence and abundance
There is power in the new Dutch super car - be it in a magically captures the feeling of joy, abundance and decadence and present the said packet of friendly warmth.
We see the car on the Barrett Jackson auction for classic cars while the company's founder Victor Muller is busy stitching together a monster business to take over Saab. It is about mass production and this is pure "boutique". It's about seeing an orgy of details, like a child's crazy drawing of a supercar - for real. And yet there is this to be seen, with the engine running, with plates, order forms and the most stunning orange color that dances in the Arizona sunshine through the clouds heat coming out of an Audi V8.
Muller has himself designed the car
Muller has himself designed the car and wanted to make a timeless beauty, a modern, classic car with an epic impression and a feeling of joy. Although it looks like just too much for a car show, so will everyone who sees it in reality lovers.
The gaping round the front and the shiny bar across is the first thing you see and then the LEDs, the incredible curved bonnet and air inlet in the middle of it, among other things nkande aluminum bar along the front edge of the roof should not miss.
The impression from the side is equally impressive, with two air intakes, rear wing, turbine-shaped wheel that draws away hot air from the brake discs. In fact, the theme from jet engines have made a deep impression throughout the car, air vents, the vents, so it has mostly turbine designs follow the company's history, which is deeply involved in aviation.
Back provides perhaps the most dramatic impression, at least on the outside where the engine is visible through glass doors in the Ferrari style. The exhaust pipes are even engraved with company logo and motto "Nulla tenaci Invia est via", meaning: the tenacious no road is impossible. Appropriate words for a virtually impossible undertaking.
Started in the 1800s
Spyker started in the late 1800s with the manufacture of wagons. During World War I went together with an aircraft manufacturer which shaped the future. But it was not enough to help them get through tough times and Spyker went bankrupt 1925th It was the end of the story in 75 years until the Dutch lawyer, businessman and bilfantasten Victor Muller and dusted by the name in 2000 and gave it a second chance.
This is the second model from Spyker and it is an adult GT car to address the Aston Martin DB9 and Bentley Continental GT, but with a full-fledged character. And on the outside of the car that makes your head spin, it is only the beginning. The entire dashboard is covered with aluminum sköldpaddsskalsmönstrad that captures light and as my dazzled retinas get used to it after the savage attack, I respond to science
fiction from the 50th century.
Right from the R8
The steering wheel is taken from an Audi R8, but is wrapped in leather and we were really looking to find just three pieces of UNCLOTHED plastic throughout the interior. Everything else is covered with leather and aluminum, FLIP-FLOP costing $ 50 each compared with the endollarsedlar available in most super cars and the new mirrors they work with and who are in the demo car at Barrett-Jackson-bass, incredible Liga 2 costs $ 300 just to manufacture.
Recarosätena are covered with stuffed leather and then there is the gear design, which is visible and inspired by the flight controls of the old planes.
It is a rolling work of art and it is here that Spyker is different from its undeniably faster Italian opponents. Even the key is special, it looks like a hockey puck in aluminum weighing heavy in his hand and is part of the tours on how to start the car.
Puck unlock the car remotely, a hidden button under the wing mirror, open doors and I have to open a covered red FLIP-FLOP in fighter style, and then press the start button for the 4.2-liter Audi engine at 400 hp to start.
Chassis of aluminum
With an all-aluminum chassis developed by the company's racing team, a mass of 1425 kg and the exact same suspension that has shone this year in the Lotus Evora, which allows Ailerons sports car in your dreams, and it could be. It is not, but it is a conscious decision to make this two-seater car to a Grand Tourer.
So to compare 0-100 km / h in 4.5 sec with the not-too-different-priced Lamborghini LP560-4 Ferrari 458 Italy and the Audi R8 V10 is more or less solved the points despite a top speed of 300 km / h is far from bad Even in this company. Pure speed is not the point here, there is the theatrical experience that goes far beyond how fast you run in the curves.
The journey is sublime, note the car on the highway road joints with a muffled sound, but it does not feel the slightest of steering wheel. This is a perfectly assembled machine is nearly perfect on the road and in automatic mode, it is so laid-back and so incredible from the aesthetic point of view that you can easily think about buying a just for the cruising factor.
On the roads it is no less compelling. The Lotus Custom suspension is magical and Spyker have made a car with zero understeer and a massive mechanical grip back thanks to 19-inch wheels 235/35 and 295/30 Michelin Pilot Sports.
Fantastic brakes
AP Racing steel brakes do a great job of dragging down the momentum, which is another consequence of the car's weight to 1425 kg. This is Spykers first set of servoassisteade brakes and the final version needs some fine-tuning, but once they fix them should the ceramic brakes, which are optional, seems superfluous.
The company works with a manual transmission also will tighten the car and turn it into a sporty masterpiece. Until then, the Ailerons to have the six-speed automatic transmission, which is a bit too quiet for a considerable
test on mountain roads that curve around the mountains surrounding Phoenix. Even in sport mode appears on the extreme sports, but it is the finesse. Spyker says that their car is a "and" car and not an "or" - car and says that the owner is usually already have a Lamborghini or a Ferrari or possibly a Pagani Zonda in the garage. So when the owner wants to go really fast, they can take another one of the cars in his collection.
Spyker competes on a different path. It is a laid-back Super GT with spectacular appearance as seen properly and may all who see it smile.
Where will the "XWD" application of "X" be applied, on all variants or just a single one? If the latter, which one is it? "X" doesn't address this lol. I'd certainly hope XWD would be an option on all vehicles.
dear oh dear, what's a mess."
From Euronext.
Spyker has clarified once again, that the USD 1billion that SAAB needs is secured, if the EIB loan is granted.
If the EIB loan is not granted the aquisition of SAAB by Spyker will not take place.
Take it as you want, but I think the EIB will say yes or no before Feb. 15, till that day we will have to wait once again.
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I can confirm the facts presented but certainly not not the way they are now being portrayed. Due to unprecedented challenges in the economy, and specifically a bad investment in 2006 with personal guarantees, I was forced to take the painful step of entering personal bankruptcy this fall. In these times, high risk leveraged buyouts are failing at an alarming rate and I know few who have not been affected in some way.
The important point here is this was disclosed to the Seller. Despite my situation, our group, when considered as a whole, was deemed both experienced and deemed more than financially credible, and we were invited to continue bidding. I was never the financial muscle in our group, but was the lead in communicating with the Seller, and the transaction was to be made by an entity formed by several investors for the transaction. As shared last spring, Merbanco/Mercano was merely a small deal platform and was never the buyer.
Mr. Hagglund's quoted statements are simply not true. We did not say "we forgot" to tell him anything. We were open and transparent throughout the process, and requested several times a full review of all the parties in our group. Despite our repeated requests, they made no attempt to do so even though the Seller and their representatives were comfortable with the entire picture. The Government did request that one of my partners assume the a lead position and that was agreed to. To now paint us as misleading anyone is simply and completely without merit.
Sadly, Mr Hagglund is quoted recently as saying they wanted a buyer with automotive experience. Our group had extensive automotive experience, and experience with GM itself. Further, as one of 4 Founders of AGCO, my father also had experience in heavy manufacturing, distribution and finance in a parallel industry. Those who knew our entire group knew our capabilities and experience. By mentioning me after another party was selected, Mr Hagglund continues to do Saab no favors. That is a shame.
If we, or anyone else involved, believed my personal situation was an impediment, I would have gladly stepped aside and indeed offered to do so on several occasions. Rather, following the disclosure, we were encouraged to continue our pursuit by the Seller, their representatives, and the Government. We did so at great expense and are quite proud of our efforts to help save Saab.
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Swade here again....
I can confirm that I've known the identity of the money/experience men in CJ's group for some time now and the experience he quotes here are 100% true.
They had the money and strong turnaround experience.
I found out about this issue in early January and had to confirm for myself that CJ was still able to act in the capacity that he was acting, under US law. Once I did that, I decided not to write anything here. Obviously I believed that Merbanco's chances were severly damaged by this, however, which I believe is reflected in my assessment of their chances.
Despite the collective strength of their group, which was considerable, it would have been a political risk of major proportions for the the government.
Hagglund needs to take a long hard look at himself here. In the last few days he's misrepresented the picture around Merbanco and called parties in the Koenigsegg Group liars, which I've had other communications about in the last three days.
They're all subject to NDA's. What good does he do anyone, including Saab, by saying what he's saying?
Thank you, CJ.
There is something rotten in Denm#....Sweden!
First we get Hägglunds comments about CJ and Koenigsegg, now we get a lot of bad publicity about Spyker and Spyker's financiers.
I find it hard to believe that some journalist (not mentioning names) would find anything that the Swedish government, SÄPO, FBI and finally GM could not find.
But the amount of sour comments are hurting Saab, Spyker and everybody interested in Saab.
Why are they doing this?
Cowboy Up! :-)
Incomprehensible. Hägglund and Olofsson are definitely not doing newly reborn any favors by creating hazzle and mess where there is barely none. Less well-informed people will act accordingly and buy Volkswagens instead of Saabs they believe are unsafe buy.
Shame on all the badmouthers!!
Saab up!!
Thanks, CJ and Swade, for giving some information and clarifications on this issue. It really hurts me to see you in this painful situation, CJ. Hope you can get out of this quite soon.
The behaviour of the Swedish government and the Swedish media really strikes me. I cannot understand why they feel that they have to make negative noise around the deal now that it is to being finally done. One can only speculate about the reasons behind. In the case of the government, do they lack information this way only because they had liked to see a larger company to take over, or do they anticipate a real risk to the deal and want to show that they did all they could? In the case of the Swedish media, it seems that they actually have the overarching goal to prevent the deal from being finally closed. Even here, is it high ambitions in regard to Swedish industry and dissatisfaction with the actual solution that makes them reporting so critically? Or is it simply the run for news, and best selling bad news?
In any case, it is a pity that Saab-Spyker are so dependent on the EIB loan and the state guarantees. In the world of private business, this would obviously be a juridical case for compensation.
OK, so now we have two versions of this that are clearly incompatible. They can't both be true. I guess we all just have to decide for ourselves which one to believe in.