Spyker announces distribution for Saab with China Partnership

Sweden, Spyker Cars N.V. announces today that Spyker and Saab Automobile AB in China´s largest publicly traded automobile distributor with over 1100 dealerships nationwide.

Pang Da shall make a EUR 30 million payment for the purchase of Saab vehicles and is expected to make an additional EUR 15 million for the purchase of more Saab vehicles within 30 days subject to certain circumstances. Additionally, Pang Da will take an equity stake in Spyker for a total amount of EUR 65 million at EUR 4.19 per share (the weighted average of the ten last trading days).

Some of the transactions following the MoU are subject to agreement on definitive transaction documents and certain conditions, which include consents from certain Chinese governmental agencies, the European Investment Bank, GM and the Swedish National Debt Office.

Victor Muller, CEO of Spyker and Saab Automobile said: “Both parties are confident that this partnership allows Saab Automobile and Pang Da to create a strong business, initially in the distribution and subsequently in the manufacturing of Saab vehicles in China.

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