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European Investment Bank agrees to support SAAB deal

Editorial Staff

It's been a game of brinkmanship with one of the world's best brands almost disappearing. But at last an deal has been done that allows the Swedish government to guarantee a loan that will support the purchase of SAAB from GM by Spyker of the Netherlands.

Victor Muller, Spyker CEO said: “We are extremely pleased with the decision by the EIB as this was a crucial component in enabling the acquisition of SAAB to proceed. Months of hard work have paid off. We cannot wait to close this transaction now as soon as practically possible. We extend our gratitude to the EIB officials who have worked relentlessly to make this happen.”

Jan Åke Jonsson, SAAB CEO, said: “This represents another milestone along the path towards the creation of an independent SAAB. This is very good news and everyone at Saab should feel very positive now.”

In a separate development, Spyker shareholders at an Extraordinary General Meeting in Zeewolde last Friday approved the intended transaction to acquire SAAB. The proposal was carried with an overwhelming majority.

Victor Muller said: “Today’s meeting went very smoothly and we spent a lot of time explaining the transaction in great detail. We also announced that we are currently investigating the possibilities of listing Spyker at the London Stock Exchange by means of a dual listing and possibly in the future in Stockholm, in which case the listing in Amsterdam would eventually be terminated. However, I stress that this is still in the investigation phase and no such decision has been made yet.

“We postponed the decision to change the name of Spyker Cars N.V. to SAAB Spyker Automobiles because we need to reach agreement with Swedish aircraft manufacturer SAAB AB on the possible use of the SAAB trademark in our corporate name. We expect this issue to be resolved at Spyker’s Annual General Meeting, scheduled for 22 April 2010.”