Wednesday, January 27, 2010

Swedes going Dutch

General Motors has finally unloaded its Red-headed Stepchild SAAB to one of its original bidders, the tiny Boutique Automaker Spyker Cars NV in a deal reportedly set at $400 million; as Spyker will pay GM $74m in cash and the remaining $326m in preferred Shares.

Sweden regulators suspended Spyker trading upon frenzied Stock acquisition upon rife speculation that the deal was near after Uncle Bernaughty ‘N his Genie (Ecclestone & GenII Capital) pulled out of the bidding for the quirky Car Company, essentially leaving Spyker Cars as the remaining bidder as GM prepared to Wind-down the Swedish Auto manufacturer.

GM has twice seen potential sales of SAAB fall apart at the 11th hour, initially planning to spin off the company to Koenigsegg and then Spyker, but having balked at the latter deal over fears of the “Rooskies” gaining valuable Technology access. Yet Spyker’s new deal is welcome news to the Swedish Government along with SAAB’s approx. 3,400+ workforce…

G.M. Enters Agreement to Sell Saab to Spyker