Loan Given for Saab to Go to Spyker
In more Saab news, the European Investment Bank has approved a $543 million loan for Saab to be bought by Spyker. The loan, in addition to providing the money, also gives a governmental guarantee as well as European Union state-aid clearance for the deal so it won’t fall through. Spyker is a relatively unknown company – the produce the C8 Alleron sports car, which is sold primarily in Europe. The Saab brand will still be sold in the United States after the deal finalizes.
The deal was on the fence and GM was actually thinking of just getting rid of the brand if a buyer could not be found, but now the deal is almost finalized after the loan was passed. This is good news for automobile transporters who specialize in Saab vehicles as they would not have to change their routes from and to different dealerships as they were afraid they would need to do. Spyker has already provided $50 million to GM, who’s asking price for Saab was $74 million, and the rest will be paid by July 15th of this year. So for all you Saab fans out there – you have no more reason to worry as the company will still be going strong. The name will now by Saab Spyker Automobiles, but the logo is said to stay the same (this may not be permanent, however) and is now listed in both Stockholm and London stock markets.