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From Bloomberg link to article by Ola Kinnander.

March 17 (Bloomberg) -- Spyker Cars NV Chief Executive Officer Victor Muller will reduce his stake “within days” after a takeover of General Motors Co.’s Saab Automobile unit left him with a 37 percent holding.

Muller plans to transfer some Spyker shares to an independent company to avoid triggering a mandatory takeover bid under Dutch market rules, the CEO said in an interview. Spyker will decide by next month whether to shift its listing to London or Stockholm to win more investors, he said.

Spyker, the maker of the C8 Aileron sports car, bought Saab from GM last month for $400 million in cash and preferred shares. Detroit-based GM demanded that Russian investor Vladimir Antonov get rid of his 29.9 percent holding in Zeewolde, Netherlands-based Spyker before allowing the deal to proceed, Muller and Antonov have said. Tenaci Capital BV, a company controlled by Muller, eventually bought Antonov’s stake.

The buyer of Muller’s stock will be “a new entity that’s going to be incorporated for the sole purpose of holding my shares,” the CEO said by telephone yesterday. Muller said he plans to own about 29.9 percent of Spyker while retaining the option of buying back the remainder later.

Spyker has jumped 48 percent in Amsterdam trading this year, giving the luxury-car maker a market value of 70 million euros ($96.4 million).

Muller has said he would welcome Antonov back as a shareholder if GM allows that.

Production Target

Trollhaettan, Sweden-based Saab halted production in January as GM started liquidation proceedings after earlier sale efforts faltered. Saab will resume making vehicles on March 22, Muller said.

Saab plans to build 50,000 to 60,000 cars this year and become profitable by 2012, when it aims to deliver at least 100,000 vehicles, Muller said yesterday as he was being driven from the airport in Gothenburg, Sweden, to Saab headquarters. The new 9-5 sedan should be starting to arrive at dealers in “about two months,” he said. Saab plans to sell about 16,000 9-5s this year, he said.

Karl Lindstroem, an executive from Sony Ericsson Mobile Communications Ltd., will start March 22 as Saab’s interim chief financial officer, Muller said. Saab didn’t have a CFO under GM.

Muller said Feb. 12 that he’s considering renaming Spyker as Saab Spyker Automobiles following the takeover, and moving the stock’s trading from Amsterdam. The company is still looking at which listing to present to shareholders at the April 22 annual meeting, Muller said yesterday.

Expanded Board

“We’re doing a lot of homework to assess the pros and cons of Amsterdam versus London versus Stockholm,” he said. London, while providing easier access to investors, “is completely overregulated and very expensive to be listed. Stockholm is a great market, I think, but relatively small.”

Investors will also be asked to appoint as many as four people to create a six-member board, the CEO said. The move would involve replacing three members, including Antonov, who stepped down following the Saab acquisition, Muller said.

Saab’s business plan calls for the introduction of the 9-4x sport-utility van and 9-5 wagon next year, as well as a new version of the 9-3, its most popular car, in 2012.

The brand is also working on a car with a “tear-drop shape, very much in the vein of the original Saab 92” that started production in 1949, Muller said.

“It’s definitely a very high priority on our agenda,” he said. “The feasibility of it depends very much on the success of Saab the next several months. In two months, we’ll have a much clearer view.”
 
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