CPP Responds to Proposed Spyker Sale

It appears that despite their MOU with SWAN’s lapse in June, CPP still wants Spyker. I’m not sure what is going on behind the scenes here and I really don’t want to speculate, but it’s always nice to have both sides of the story presented. While this is first and foremost a Saab site, I’ve developed an affinity for Spyker in its own right, and considering this deal has an impact on SWAN’s debt situation, it directly affects Saab’s turnaround.

Read CPP’s press release after the break.

CPP Global Holdings notes with interest today’s announcement from Swedish Automobile N.V. regarding the proposed sale of the Spyker business to North Street Capital. Brendan O’Toole, founder, managing director and co-owner of CPP, said: “Although a February 2011 Memorandum of Understanding between CPP and Spyker’s owner, Swedish Automobile, lapsed in June 2011, we have remained patient and discussions have continued. Until we are informed that Swedish Automobile is no longer willing to discuss the Spyker sale, we are still keen to progress our proposed acquisition.” If Spyker is acquired by another entity, CPP will continue to offer its support in future engineering programmes, body and chassis production, and final trim and assembly of Spyker models. CPP has unique knowledge and experience of the current model line-up, and its purpose-built assembly facility in Coventry is ready to immediately ‘switch on’ production of the new flagship Spyker C8 Aileron supercar. CPP recently announced plans to consolidate its operations at an all-new Browns Lane, Coventry engineering and production facility from 2014. Whether or not CPP concludes its acquisition of Spyker or remains the production and assembly partner for Spyker under different ownership, CPP’s Browns Lane redevelopment plans will be unaffected. The proposed new vehicle assembly facility – one of a number of CPP operations to be consolidated at the Browns Lane site from 2014 – will produce the fully-homologated road-going variant of the next generation all-terrain supercar, the Bowler EXR, and the recently-announced new Jensen Interceptor. CPP is also in advanced stages of discussions regarding further ultra-low volume vehicle engineering and production projects.

JH
Member
5 years 1 day ago

The highest bidder should win, right? The more money to SWAN the better.

zippy
Member
5 years 1 day ago

My sentiment exactly 🙂

ANA
Member
5 years 1 day ago

On the face of it this looks strange… One would assume that VM would have been open with CCP (and VA) but it seems they were not totally in the picture.

scand
Member
5 years 1 day ago

I dunno about this whole spyker thing. I just went down the entire us dealer list from speakers website. Several dealer websites don’t exist, several don’t make any mention of spyker ( one is simply a Saab dealer) the entire us listed inventory of new spykers consists of 2 leftover 2009’s and 2 left over 2010 s.

Why this company – that has never made a profit – is worth $42 m boggles the mind.

Ultra low volume production ……means , zero??

rask
Member
5 years 1 day ago
To me, it sounds like the production shift from the Spyker head quarters to the CCP plant (it´s production partner) never got started. Something tells me the Antonov/Müller relationship is very good these days. So far, Antonov financed the Saab aqcuisition but never got anything for his money, the promised shift of Spyker production from Holland to the UK (CCP) never happened and then Müller tries to sell off Spyker to another company. The profit of a Spyker sale goes directly to Tenaci, Müllers own company. Apparently Swedish Automotive “owes” money to Tenaci. For a while it was thought that… Read more »
rask
Member
5 years 1 day ago

Sorry, meant “the Antonov/Müller relationshiop is not very good these days”.

Audun
Member
5 years 1 day ago

TTELA has an article about this possible deal: http://ttela.se/ekonomi/saab/1.1377036-spyker-kan-bli-amerikanskt
From that article it looks like the relationship between Antonov/Müller is OK. 🙂

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