NETHERLANDS: Youngman invests EUR10m for 29.9% Spyker stake
Chinese manufacturer, Youngman, has invested EUR10m (US$13m) in Spyker for 29.9% of the capital in a deal subject to completion of due diligence.
A statement from Spyker said Youngman had undertaken to not "exceed the
29.9% threshold and therefore has no ambition to make a mandatory offer on all outstanding shares in Spyker."
Youngman has conditionally paid EUR2.3m to Spyker for 46m Class A shares and it is expected the remaining EUR7.7m will be paid in instalments on or before the end of January, 2013, provided all conditions have been "timely met."
Youngman and Spyker have established a joint venture known as Spyker P2P in which Youngman holds 75% of the shares and Spyker 25%.
The Chinese company agreed to make a cash contribution in the amount of EUR25m while Spyker has made its contribution by transferring the technology it developed for the Spyker D8 Pekingto-Paris, a US$250,000 four-door Super Sports Utility Vehicle.
Youngman's contribution will be paid in instalments in accordance with the development and manufacturing plan of the SSUV with the objective of launching that car by the end of 2014.
Additional models on the SSUV's aluminium space frame and technology are being
Spyker and Youngman have jointly incorporated a second joint venture called Spyker Phoenix in which Youngman holds 80% of the shares while Spyker holds 20%.
Youngman will contribute the rights to the Phoenix platform as developed by Saab Automobile in 2010/2011 to which Youngman acquired a licence in 2011 as well as provide all required funding.
Spyker Phoenix will develop and manufacture a new range of premium car
models based on the Phoenix platform whose models will be positioned higher than the comparable Saab models. Spyker Phoenix products may be manufactured in Europe and China.
"Signing the Transaction Documentation is a milestone for Spyker," said Spyker CEO, Victor Muller. "We have conditionally secured our short and mid-term funding and forged a strong partnership with Youngman which will allow us to expand our product range with the long awaited Spyker D8 Peking-to-Paris SSUV and possibly additional models on the basis of that platform.
"Moreover, Spyker has secured a 20% stake in the development of all Phoenix-based vehicles, whose development will be funded by Youngman in the coming years.
All in all, being virtually debt free, refinanced and with an exciting product range in the making, this strong partnership with Youngman allows Spyker to enter a new chapter in its history."
I wouldn't have thought that, with the current state of play in the European auto industry, there'd be too much niggle in the union ranks. But we've reported on a bit this week....
This QUBE report from just-auto provides a comprehensive overview of the global electrified vehicles sector, major OEM developments, top 14 markets, technology trends and market projections. Use this ...
Former Saab CEO, Victor Muller, is to be questioned by Sweden's Economic Crime Authority, although precise details of the inquiry's nature are not yet available....
Three senior former Saab employees are currently being interviewed in Sweden on suspicion of tax evasion....
- ANALYSIS: Mégane GT 220 & future Renaults
- VEHICLE ANALYSIS: 2016 Land Rover Discovery & L462
- THE WEEK THAT WAS: Premium electric SUVs...
- THE WEEK THAT WAS: Trouble in Tianjin
- COMMENT: TPP legacy as Obama's Grand Projet?
- UPDATED IAA debuts list: smart & VW Golf updates
- Ford may revive Bronco and Ranger for US - reports
- Wraps come off fourth generation Kia Sportage
- Jeep hacker resigns from Twitter - report
- Toyota Thailand suspends Prius due to tax dispute
- General Motors Company (GM) - Financial and Strategic SWOT Analysis Review
- Automotive Plastics Market for Passenger Cars by Type, by Application, & by Region - Global Forecast to 2020
- Ford Motor Company (F) - Financial and Strategic SWOT Analysis Review
- Volkswagen AG - Strategy and SWOT Report
- Global light vehicle safety systems market- forecasts to 2030