Spyker – waiting on the EU/EIB

Victor Muller has given a few brief quotes to the Bloomberg news agency today. It looks like we’re in the same position we were in a few months ago – just change the names and the exotic cars.

Spyker CEO Says EIB Is ‘Biggest Problem’ to Reaching Saab Deal
Dec. 17 (Bloomberg) — Spyker Cars NV’s plan to take over General Motors Co.’s Saab unit hinges on the European Investment Bank approving a loan before the end of this month, the Dutch luxury carmaker’s chief executive officer said.
Muller.jpg GM and Spyker are not the “potential problem for this transaction,” Victor Muller said in a phone interview from his home in Amsterdam today, adding that the EIB is potentially the “biggest problem.” So far, the bank has sent “neutral signals” on approving a 400 million-euro ($574 million) loan that is key to the sale and which the Swedish state must guarantee, he said.
“It’s mainly now down to the government agencies,” Muller said. “That’s really the main issue. We’re getting lots of support from the Swedish government.”
……Muller said Spyker is using Koenigsegg’s business plan in its bid for Saab. Spyker plans to keep Saab’s management if it wins the carmaker, he said.

It’s somewhat encouraging to hear that he’s feeling the love from the Swedish government. Given the heat that some of his group are taking from the Swedish media and the relatively small size of the group, it would be understandable if the government were feeling wary. I wrote about the risks involved with this transaction earlier today.
Three things I believe we’re waiting to hear:

  • Approval of the new owner from the EIB.
  • Approval of the new owner from the National Debt Office in Sweden (i.e. loan guarantees)
  • Clearance from the EU (still an issue, despite govt officials saying it was just two weeks away when Koenigsegg pulled out back on Nov 24)

I hope these people from various governments can give some assurance, and soon.

Thanks to Jeff in comments!

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