By on December 21, 2009

Slouching to the grave?

Shares in the Dutch boutique automaker Spyker soared 23 percent today, reports Reuters, as the firm’s last-ditch bid for Saab goes down to the wire. Spyker, which sold only 43 cars last year and had a market capitalization of only €26.6m as of last Friday, will hear back from GM on its Saab bid by 5pm today. According to Reuters, Spyker has restructured its ownership structure in order to alleviate GM’s concerns about its backing from allegedly mobbed-up Russian financier Alexander Antonov. GM had previously canceled its Opel sale in part because of concerns about its latest technology landing in the hands of Russian investors. Furthermore, Spyker says it that its new offer eliminates the need for a European Investment Bank (EIB) loan approval prior to year end. “We’re very confident we have put forward a proposal that can convince GM in time,” says Spyker CEO Victor Muller. From a more sober vantage point, Swedish Prime Minister Fredrik Reinfeldt warns “we should be careful about fueling new hopes in a situation where the people in Trollhattan, and at Saab and their subcontractors are thrown between hope and despair.”

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8 Comments on “Spyker Stock Soars On Saab Speculation...”

  • avatar

    Prime Minister Fredrik Reinfeldt warns “GM doesn’t want to sell any more cars in Sweden or other EU countries.  If it can’t belong to them it can’t exist.  We never expected GM to make an honest attempt at this sale and they’ve met our expectations.”

  • avatar

    why is Chinese money ok, but Russian is not?

    • 0 avatar

      Because the Chinese weren’t buying the current company, it’s vehicles, or it’s technology.  The only thing BAIC bought from GM was old leftovers used to make old cars.  No different than Chrysler selling the tooling to the old Sebring to GAZ in Russian.  Or Nanjing making old MG/Rover cars as Rowes in China. There’s no worrying about IP piracy from selling moldy leftovers.

    • 0 avatar

      It is not IP piracy if you buy the IP

  • avatar

    Thuggery is more palatable when it’s state-sponsored?
    I can’t figure out why Spyker would want any part of Saab.  At this point all that remains of the company is the brand name and a complex of buildings in Trollhatten.  The tooling for the existing models has been sold to the Chinese and the future 9-5 is all GM IP which they are not going to want to part with.
    Spyker buying Saab is like an artisanal cheese-maker buying a Velveeta plant.

  • avatar

    Unless Spyker has $1,000,000,000 dollars to re-fly the crashed Saab, this ain’t going anywhere.

    Money tip: Sell short, cover the sale, and sit back for the upcoming crash.

  • avatar

    I’m still hearing about this Spyker negotiation on the local news. Isn’t the deadling today at 5pm? How long can they stretch this out? It’s kind of sad for those poor Saab employees as they are grasping on for any hope.

  • avatar

    It also sounds like Mahindra expressed some interest… sort of…

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