As of 12:45 this afternoon, Spyker is now the keeper of Saab. According to The Wall Street Journal, Spyker will contribute $74 million in cash for the deal and the European Investment Bank will provide $556 million. GM will maintain about $326 million in shares, or 1% of voting rights.
So what is the value of Saab for Spyker? It gets a factory in Tröllhattan that employs 3,500 workers, the brand-new GM Developed Saab 9-5 and the $600 million in promised loans from the European Investment bank. Remember, Spyker hasn’t turned a profit in the decade since its founding, and has no experience in high volume production. Will the loan be used to fund Spyker’s ambitious plans to become another supercar company with the remains of Saab withering away, or will Saab’s lack of viability suck the very nature of the quirky Dutch company until it becomes a corpse itself? This is far from being over.