Spyker shareholders have overwhelmingly approved the takeover plan of Saab today (12 February) aiming to make the company profitable by 2012 although final closure of the deal still hinges on formal transfer of the European Investment Bank's (EIB) EUR400m (US$543m) loan.
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Spyker shareholders have overwhelmingly approved the takeover plan of Saab today (12 February) aiming to make the company profitable by 2012 although final closure of the deal still hinges on formal transfer of the European Investment Bank's (EIB) EUR400m (US$543m) loan.
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Dutch luxury car maker Spyker says it has secured a US$25m (US$18.2m) convertible loan which should allow it to finalise the acquisition of Saab.
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ZEEWOLDE, The Netherlands - Spyker Cars N.V. announces today that Spyker has entered into a USD 25 million convertible loan agreement with an investment company owned by Heerema Holding Company Inc.
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Swedish state guarantees have been approved by the European Commission (EC) as part of plans by the European Investment Bank (EIB) to lend Saab EUR400m (US$548m).
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Sweden's national debt office is expected to recommend that the government backs a state guarantee to allow the European Investment Bank to lend Saab EUR400m (US$558m).
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Cadillac has no plans to restore its Europe-only, Saab-built BLS model to the range ahead of expected new model announcements at the Geneva motor show next month.
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Dutch supercar maker outlines its dream for a raft of new Saab cars, starting with a new 9-3.
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Spyker said on Tuesday its purchase of Saab would give it a rare opportunity to acquire and rebuild a global car brand which will be "repositioned towards an independent performance-oriented niche car company with an industry-leading environmental strategy". There are no surprises in the initial product line which will be built in Sweden and Mexico.
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ZEEWOLDE, The Netherlands - In advance of the General Meeting of Spyker shareholders, to be held on 12 February 2010, and which was convened on 28 January 2010, Spyker Cars N.V. ("Spyker") provides further strategic and financial details regarding its acquisition of Saab Automobile AB ("Saab").
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The Saab cash situation is something that new owner Spyker would have to address should the deal be finalised on 15 February as proposed, IHS Global Insight auto analyst Ian Fletcher said in a research note on Wednesday.
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European Union regulators have said they would review Swedish authorities' plan to guarantee a EUR400m (US$562million) European Investment Bank (EIB) loan to Saab as soon as possible.
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Analysts and industry observers alike appear united in their views on Dutch luxury sportscar maker Spyker becoming the unlikely winner of the Saab auction, saying it is likely to struggle with the big challenge of converting two loss-making companies into one profitable entity.
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Swedish media rejoiced on Wednesday over news that Spyker's purchase of loss-making Swedish brand Saab from owner General Motors had reached the 'binding' agreement stage, but, like just-auto, warned of the challenges ahead for the brand which has iconic status in its native land.
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General Motors' sale process for Saab has been long drawn out but there is some cheer today for the people at Saab and we wish them luck.
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Sweden's second car maker is sold to Dutch supercar maker Spyker in £47 million deal.
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Late on Tuesday (26 January, 2010) GM and Spyker Cars NV both confirmed that they had reached a binding agreement on the purchase of Saab Automobile AB by Spyker.
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Dutch sportscar maker Spyker said on Tuesday talks on its bid to purchase Saab from General Motors were proceeding well but negotiations could still "go either way".
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Genii Capital has withdrawn from from bidding for General Motors' Saab unit saying last night "that the timing of the bidding process for Saab is incompatible with implementing a solid business platform for the future."
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