Saab Will Not Die

By Author: Italo Zanotti
Total Articles: 62
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Saab is saved in extremis. Spyker and General Motors have reached an agreement by the total value of $ 400 million, which guarantees the Swedish brand, already in the process of closing, the survival of hand and going back to European-owned. The Dutch house will pay for Saab GM $ 74 million in cash plus 326 million dollars in preferred shares of the company that will emerge from the agreement. To restructure Saab, Spyker should be used for a potential loan from the European Bank for investment of 400 million euros, guaranteed by Stockholm. Sweden, in fact, will provide 4 billion kronor for Saab and sees no obstacle to the fact that the Bank approves financing. "It's great news for employees of Saab, for dealers and suppliers, as well as the millions of consumers and Saab fans around the world," says John Smith, GM vice president for alliances. "It's great news for GM itself. We, the Spyker and the Swedish government have worked hard to reach an agreement that guarantees the future of this unique and iconic brand. We are very pleased with the positive outcome "of negotiations, adds Smith. "During the negotiations GM has always ...
... hoped to find a solution that would have prevented the closure of Saab. Last year we have worked with several parties and are satisfied with the result that safeguards jobs in Sweden and in other areas. GM will continue to support Saab and Spyker, "says the number one instead of Opel, Nick Reilly. Spyker to "priority" is to return to independence after 20 years with Saab, the orbit of General Motors: the Swedish brand - said the CEO of the Dutch house, Victor Muller - must "learn to walk on his legs." The agreement reached will be born a new company called Saab Spyker, but - highlights Muller - the two brands will remain separate. Saab's future under the control of Spyker will not be easy, according to the CEO of Chrysler and Fiat, Sergio Marchionne. "I like the Saab brand. I think it is difficult to be a niche player and be both profitable. The marginal players will continue to be marginal. You can not build on the hopes and dreams, "says Marchionne, to Stockholm to attend a conference organized by the Wallenberg family, which was held in a hotel in the capital. Marchionne explained how he would like Saab, but only if it was an option package Opel. The European division of GM is preparing to restructure: the reorganization plan is ready - said Reilly - and the next two or three weeks there should be an agreement with the unions.