Spyker sells sports car production

Dutch Saab owner Spyker Cars sells its sports car production to drive the development of the weakening Swedish brand. The buyer was the Russian Vladimir Antonov, owner of the British investment firm CPP Global Holdings Ltd.

This was announced by the company on Thursday. The comparatively small business Spyker had bought Saab a year ago from the US company General Motors, which was in trouble due to the financial crisis. Antonov was initially involved in the Saab acquisition. He was, however, excluded at the request of the United States. The US intelligence service CIA had intervened against his participation because Antonov was allegedly linked to mafia journeys.

For the sports car division of Spyker Cars, the Russian investor will now pay 15 million euros, said Spyker boss Victor Muller. In addition, the Dutch are to 2016 participate in any profits up to the maximum amount of 17 million. For this purpose, a preliminary agreement had been signed, details were still to be negotiated.

The transaction would enable Spyker Cars, which would soon change its name, to "focus exclusively on Saab business". At the same time, debt and interest payments could be reduced. "Without Spyker we would not have been able to take over Saab, but the Spyker activities quickly became a small fish in a big pond," Muller said.

In the meantime, capital requirements have grown considerably. "Therefore, it is a good decision to separate the activities of Spyker and Saab." Muller had recently stated that he was confident that 2011 would achieve the self-imposed annual target of 80 000-selling Saab cars. For new models engines are to be supplied by BMW.

Source: Süddeutsche Zeitung