Spyker to become Swedish Automobile N.V.
Spyker announced this morning that the company shareholders have agreed upon a decision to change the name to Swedish Automobile N.V., with the change to be made “shortly”. This comes on the tails of Spyker announcing last week that they entered into a memorandum of understanding with Chinese auto company Pang Da but this deal once again relies on the approval of the Chinese government. China has been making an effort to consolidate the number of automakers doing business in the country – not expand it – so some expect the government to refuse this continuation of this partnership.
However, CEO of Spyker and Saab Victor Muller announced in today’s announcement that Pang Da already handed over 30 million Euros last Tuesday which is not subject to the Chinese National Development and Reform Commission’s decision about the rest of the deal. If the deal does go through completely as planned, another $91 million Euros is set to change hands; resulting in a 23% ownership of the new Swedish Automobile N.V. by Pang Da. Even though some question whether or not the Chinese government will allow the rest of the deal, Muller believes that Pang Da will be able to complete the agreement on their end.
There was no indication by Spyker as to when they might officially become Swedish Automobile N.V. but we can expect that the money-strapped company will work to keep the wheels of progress moving. It will be interesting to see if the Swedish Automobile N.V. name will be taken if the Chinese government shoots down the duration of the deal but in the meantime, Pang Da has reportedly paid for access to import and sell Saab vehicles in the Chinese market and that money cannot be taken back from Spyker.
TorqueNews.com will continue to cover the Spyker saga – bringing you more news as it becomes available!
Other Saab/Spyker News:
Saab finds a new Chinese investor in Pang Da
Saab/Spyker partnership with Hawtai Motors terminated
Saab names new Chief Operating Officer for North America
Spyker sells part of Saab to Chinese Hawtai Motors
Spyker may join forces with Chinese to save Saab, GM approves Russian investor
Saab suppliers claim the automaker owes tens of millions
Saab production halted as supplier problems continue