Spyker also said Tuesday that the deal, which also includes joint ventures on manufacturing, technology and distribution, is subject to approval from Chinese government agencies, the European Investment Bank and the Swedish National Debt Office.
The agreement is part of a line of efforts by Saab to remain afloat. The automaker’s production has been at a standstill since April 6 due to a lack of funds, but on Monday it said it had secured short-term loans of $88 million (€59.1 million) and aims to restart production within a week.
Spyker bought Saab out of liquidation from General Motors Corp. in January 2010.
As a part of the deal with Hawtai, the Chinese company will invest €120 million for a 29.9 percent equity stake in Spyker and €30 million in a convertible loan with six months maturity.
“The partnership with Hawtai allows Saab Automobile on the one hand to continue executing its business plan since we secured the required midterm financing subject to meeting certain conditions, whilst on the other hand it allows Saab Automobile to enter the Chinese car market and establish a technology partnership with a strong Chinese manufacturer,” Spyker CEO Victor Muller said in a statement.
Meanwhile, Richard Zhang, Vice President of Hawtai, said the deal with the “iconic” Saab brand will give his company access to innovative technologies and an international network which “would have taken us decades to build.” Spyker has previously also put forward plans to raise cash by selling its property to Russian businessman Vladimir Antonov and allow Antonov to become part-owner of Saab.
Last week, the Swedish Debt Office recommended the government allow Antonov to invest up to €30 million for a 29.9 percent stake in Spyker, while GM said it had reached a “tentative agreement” with Saab to that effect.
The EIB, which also needs to approve the move, has not yet made a decision.
Saab in $223 million deal with China’s Hawtai
Publication Date:
Tue, 2011-05-03 13:19
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