Author Topic: Spyker snaps up GM's Saab for $400 million  (Read 432 times)

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Offline Chris

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Spyker snaps up GM's Saab for $400 million
« on: January 27, 2010, 12:48:58 AM »

STOCKHOLM/DETROIT (Reuters) - Tiny Dutch auto group Spyker clinched a last-minute deal on Tuesday to buy Sweden's Saab, in an audacious attempt to turn around a money-losing brand that only days ago was headed for oblivion.

Spyker, a company that was liquidated in the 1920s only to be reborn as a high-end sports car maker in 2000, said it would pay General Motors $74 million in cash and $326 million in deferred shares for Saab.

Despite years of haemorrhaging money, the 60-year-old Swedish company has many fans, some of whom believe it could be profitable with the right owner.

"It's a really brilliant brand. It's probably one of the biggest brand mismanagement stories in the history of the automotive industry," said Tim Urquhart, analyst at IHS Global Insight.

"Saab could have been the Swedish Audi if it had been taken on in the right way 20 years ago. It's been completely mismanaged, underinvested in
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Offline IassaFTots

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Re: Spyker snaps up GM's Saab for $400 million
« Reply #1 on: January 27, 2010, 09:06:27 AM »
Woulda been great to see the peeps in Europe do the same thing with Saturn.  Before Penske came into the program, someone from Belgium I believe was gonna do the same with Opel and Saturn.  Oh well.
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