SaabsUnited.com

This afternoon I had the incredible privelege of being present for the final document signing for the sale of Saab Automobile, from General Motors to Spyker Cars.

Here’s some of what I saw….

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This is some of the whiteboard that appeared at the front of the room. It lists the various tasks that had to be completed today.

It’s a little surreal because although some of those tasks occupy a small space on a whiteboard, they’re actually quite huge. Saab were still in liquidation at the beginning of today, for example.

There are a number of formal steps that have to be completed for Saab to exit liquidation – and here’s an example of how fine these things can be cut – they actually had a deadline to complete one of those steps today and met it with just 2 minutes to spare. If document transfers (or whatever it was that caused the delay) were just 2 minutes later, it’s quite likely that the closing would have been delayed.

And by the way, the removal of the liquidators means that as of around 2pm today, Jan-Ake Jonsson was back in charge of Saab’s management. I had a good chat with him about it and the joy he felt at the way things have happened was palpable (in that reserved Swedish kind of way).
Here’s the room as it was set up when I arrived.

Here you have representatives from the multiple law firms, accounting offices, companies, etc all in one place. There wasn’t really anything left to negotiate but there was an awful amount of technical detail that had to be documented and covered off in the contracts.

Below you see the critical moment – when the shares in Saab Automobile were exchanged between General Motors and Spyker Cars. This was IT. There was a round of applause through the whole room. The GM people were incredibly happy to have completed this deal successfully.

I can honestly tell you that the spirit in the room – from every participant today – was just fantastic. I spoke with GM executives, people from Deutsche Bank and even the National Debt Office and they were all incredibly happy to see this deal completed successfully.

Jan-Ake and Victor just after the share exchange…. note the contracts on the table in front. This is just a minor part of the incredible pile of contracts that had to be signed by various parties today.

A representative from the NDO signs off on some documentation along with Saab’s chief legal counsel, Kristina Geers.

Of course, after all was said, signed and done, there was the obligatory champagne toast.
The preparations are made….

And finally, the toast itself.

Victor Muller made a short speech at this time, but it was quite impromptu and I only caught the last half of it on video.

And after that, the final agenda item is completed

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All this took place at the offices of GM’s lawyers here in Sweden.

Since then we’ve moved on to Saab’s lawyers’ offices just down the street. JAJ and Victor Muller have done the small press conference for the Swedish Media and as I write this, I think they’re doing a dealer call to start the process of informing the company as to what has transpired.
I’ll post some more notes and observations later on. But it’s been a fantastic day and one well worth celebrating.

Saab is Saab again. This is going to be an incredible journey.

all this crap about KPMG, cant believe it! – sorry, that’s one of the Spyker guys horsing around – SW

It’s official – done – Saab is owned by Spyker.

Press release below – baby!!!!

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• Spyker Cars finalizes deal over the purchase of Saab Automobile
• Transfer of ownership has taken place
• Saab exits liquidation and the management are back in control
• Transaction signals the start of an exciting new era for Saab
• Saab and Spyker to operate under parent company Spyker Cars N.V.

Trollhättan. Spyker Cars N.V. today confirmed it has finalized the deal with General Motors Company to purchase Saab Automobile AB. The transfer of ownership took place at (around 5pm) on February 23. Prior to the close of the deal Saab exited liquidation and control was reinstated to Jan Åke Jonsson, Saab Automobile’s CEO, and his management team. Going forward Saab Automobile and Spyker Cars will operate as sister companies under the umbrella of the Amsterdam Euronext listed parent company Spyker Cars N.V. (Ticker symbol:SPYKR). This transaction secures the future of Saab Automobile and signals the start of an exciting new era for the iconic brand.

Victor Muller, CEO of Spyker Cars NV said: “We are delighted – Saab’s future is now secure.” He continued: “From today we will be concentrating all of our efforts into reviving Saab and transforming it into a sustainable and profitable company with the confidence to be bold. We will reinforce the emotional experience between Saab drivers and their cars and we will focus on Saab’s historical strengths in the fields of independent thinking, aircraft heritage, ecological performance and motorsport.

“Through this acquisition we add approximately 15 euros per share in equity and 60 euros of assets. With a well funded business plan in place we are looking forward to working with Saab’s management on the realization of that plan and bringing exciting new products to our customers. Real Saabs, Saab Saabs”

Jan Åke Jonsson, CEO of Saab Automobile AB said: “Today’s announcement is great for Saab’s customers, dealers, suppliers and employees around the globe, the level of passion and support shown to Saab over recent months has been remarkable and this does bode well for the future. Now we aim to get back to the execution of our business plan, starting with the introduction of the new 9-5 later this year, and with the continued support of our employees and business partners I am confident we will succeed.”

“This transaction represents the successful outcome of months of hard work and intense negotiations, all aimed at securing a sustainable future for this unique brand, and we are pleased with the positive outcome,” said John Smith, GM vice president for corporate planning and alliances. “This is a great day for Saab employees, dealers and suppliers, and a great day for millions of Saab customers and fans worldwide.”

It’s Tuesday in Australia and every indication right now – even from the Swedish press – is that Tuesday’s going to be a big day for Saab in Sweden.
The signals coming though say that the Saab sale will be closed on Tuesday. Money will change hands and from some time of the day – as yet unknown – Spyker Cars will be the new owners of Saab Automobile.
I’ve spoken with Victor Muller in the last 24 hours and indications are still a little fuzzy as to exactly when it will happen. But the good news is that it will happen.
From what I’ve heard so far, there won’t be any big sort of fanfare, not even a big physical press conference in the traditional sense. I’m sure there will be a press release, however, and some sort of interaction. As usual, I’ve got someone on the ground there who will hopefully be able to fill us in as soon as there’s a story to tell.
As soon as I know something, you’ll know it too.
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My uniform for the day…..


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I want to talk just for a moment about the Automotive News article that hit the wires earlier, suggesting the recruitment of a few former Porsche executives to Saab.

Spyker CEO Victor Muller said earlier this month that he is looking for two “heavyweights” from the car industry to join the supervisory board of the combined Saab-Spyker.
Two names that should be on the top of Muller’s wish list are Wendelin Wiedeking and Holger Haerter.
The dynamic, but recently discredited, duo might relish a second chance at turning a broken brand into a success.
Wiedeking, 57, became one of the most-acclaimed — and highest-paid — industry executives after he saved Porsche AG from bankruptcy in the early 1990s.
Like Saab today, Porsche was in financial trouble two decades ago because of a weak model lineup and a production system that needed an upgrade.
Wiedeking secured the struggling small company’s survival with innovative methods along the entire manufacturing chain such as the “Porsche improvement process” and “process optimization through supplier involvement.”
Next to Wiedeking, Haerter is most closely associated with Porsche’s transformation from a financial basket case to one of the most profitable carmakers in the world. The 53-year-old economist from Bad Kreuznach, Germany, made the company billions through shrewd investments such as his successful hedging of Porsche’s exposure to the weakening dollar in the middle of the 2000s.

I was a little relieved when I re-read the piece just now and saw the specific mention of them maybe being considered for appointment to a supervisory board. Upon first reading, I’d subconsciously taken the article to suggest recruiting them to the operational management team. That idea made my insides scream a massive “Nooooooooooooooo”
A guy like Haertner may actually have a role to play. Saab will be in need of a lot of those backoffice functions that GM have performed on their behalf for the last decade or so. An experienced guy like Haertner could step right in and use his experience for Saab’s benefit.
Weideking, however, is an entirely different animal and one I’d personally hate to see involved with Saab.
The whole Porsche/VW fiasco of 2008/2009 was basically a big family feud between to incredibly egomaniacal cousins, hell bent on besting one another. Saab will definitely need their management to be the best they can be, but this man – in my own humble opinion – lacks the human element that makes Saab a storied brand.
Weideking only seems to know one way to work – his way. When he didn’t get his way in trying to take over VW with his sportcar/hedgefund company, there just wasn’t enough room at the top for both he and Ferdinand Piech, regardless of his role in Porsche’s success.
In short and from my reading only, he is quite possibly the polar opposite of Saab’s Jan-Ake Jonsson and I have a hard time seeing a guy like that succeed in a position anywhere near similar to JAJ.
No thanks. Not for me.
But the finance guy might be a winner.
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We wait……