By on February 18, 2010

In the confusion of the recent Saab-Spyker deal, an interesting tidbit has flown beneath the radar until recently. Most industry news outlets [ourselves included] had reported that Spyker’s backing from Russia’s Conversbank had given GM intellectual property nightmares, and that the deal had gone through with backing from other corners. Not so, it turns out. Bloomberg [via BusinessWeek] reports that Alexander Antonov confirms his bank supplied the first $25m in payments to GM. A strange turn of events, considering Russian backing for Magna’s failed Opel bid (and GM’s attendant IP paranoia) was said to have scuttled the deal (and that didn’t even have Convers’s bizarre Chechen blood feud connection).

How did they make it work? Antonov reportedly can not become a shareholder in Saab-Spyker until 2016, when GM’s remaining shares in the company are scheduled to be redeemed. According to The Local, this arrangement is courtesy of an FBI “demand” “whereby [Antonov] can not return to Spyker without the prior consent of the US car firm.” Antonov the younger has sought to clear his name in an NY Times op-ed, and Izvestia [via RIA Novosti] is even calling out GM for anti-Russian bias (even though it seems to have been shared by the FBI and Swedish Authorities). Meanwhile, Spyker only needs $50m more by July to complete the deal, and that’s a steal for access to GM’s latest midsized platform.

UPDATE: Antonov fires back in Automotive News [sub], saying:

In response to all this noise in the media we have retaliated by hiring a large and globally renowned investigation agency which has former FBI and CIA agents among its employees.

They are doing a report which will be ready in two to three weeks. The agency is investigating whether the business of (myself) and family has any criminal links and will issue assessments backed by documents in response to all accusations against us.

Antonov says he will loan as much as $100m to Spyker CEO Victor Muller’s hedge fund Tenaci, and that he hopes the investigation will allow him to become a part owner of Saab-Spyker prior to the 2016 GM pullout. But, he says, “it would all depend on GM. We can quietly come back to the issue when the investigation agency submits the report and if GM removes its concerns.”

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7 Comments on “Saab Deal Backed By Russian Cash After All [UPDATED]...”


  • avatar
    Lokki

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    Bank International Of Burkina(BIB).
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    • 0 avatar

      How did this not get caught by the spam filter?

    • 0 avatar
      Ernie

      I think we just figured out how congress hopes to pay for C4C ;)

    • 0 avatar
      Joel

      That was awesome.

    • 0 avatar

      Here is a new one with a fresh slant …

      Hi, this is Staff Sgt. Liliana Tavera of the 332nd Expeditionary Logistics
      Readiness Squadron; I am the 332nd Air Expeditionary Wing’s Tuskegee Airman of the Week for Dec. 27, 2009- Jan. 02, 2010. Among my accomplishments, I
      coordinated the shipment of 150 articles of cold- and wet-weather gear for 65 Airmen stationed at forward operating bases here in Iraq…

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      their lives to keep all American and entire world safe from mass destruction, I am contacting you for solidarity on behalf of our troops here in Iraq to receive {Funds} in your account/s for safekeeping pending our troops final dismissal anytime this year…

      I wish to remind you that I am an Air Expeditionary Wing’s Tuskegee Airman and I have no time to come over the internet for Childs play, so please if you can’t handle confidential matters, kindly DO NOT REPLY.

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  • avatar
    Lokki

    Was supposed to be joke …. What’s the difference between having a Russian billionare backing SAAB and a Nigerian scam…?

  • avatar
    porschespeed

    The Nigerian has more integrity and is less likely to have you assassinated for speaking against him?


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