ERJ staff report (AN)
Amasterdam (Reuters) -- Shareholders in Spyker Cars NV have approved the $74 million purchase of Swedish automaker Saab from General Motors Co., Chief Executive Victor Muller said on Friday.
The meeting, which was closed to the public, was convened to approve the deal forged two weeks ago.
Muller told reporters on a conference call that the combined company would seek listings on the London Stock Exchange and the Stockholm Stock Exchange, and delist from the Euronext Amsterdam exchange. He also vowed to reach profitability in 2012, although neither Saab or Spyker have made any money in the past decade.
Spyker's Muller has already secured the $50 million needed to close the deal with GM, with the remaining $24 million due in July.
In addition to the cash part of the deal, the new company will also have $326 million in redeemable preference shares issued to GM, $200 million in cash and a 400 million euro ($547 million) European Investment Bank (EIB) loan.
Saab produced just 20,791 cars last year as sales slumped to 39,903 from 94,751 in 2008, but aims to raise production to pre-crisis levels of about 100,000 to 125,000 within two years with the help of a new sales and distribution strategy.
From Automotive News (A Crain publication)