Russian businessman Vladimir Antonov wants to take a 30% stake in bespoke supercar producers Spyker and car manufacturers Saab.
Antonov stepped down as chairman of Spyker last year as part of the financing deal that saw the company acquire Saab from General Motors. During negotiations for the sale, Antonov was placed under investigation for money laundering and connections to organised crime, and one of GM’s conditions was his removal from the company.
Last December, Antonov was cleared of the allegations and he is now preparing his return to the company. In the meantime Spyker has been struggling with Saab temporarily stopping production last week after it failed to pay a component supplier.
“We are discussing currently this opportunity with the Swedish government… We already had a 29.9% stake, so we would like to restore this,” Antoniv told a news conference last Thursday.
Internet site Resume claims that Saab’s ad agency has placed the account on hold and has halted the company’s campaigns because it hasn’t paid since December 2010. While it should be stressed that neither company has confirmed the story, Saab itself admitted that it needs to find money, or as it puts it, “continues to work on longer-term solutions to further strengthen its financial position and improve its capital structure”.
Antonov said he is now in discussions with the Swedish government and its guarantee of a $565 million loan to Saab from the European Investment Bank as he looks to add his own money into the venture. A cash boost he called a as “liquidity pillow”.
“I expect the decision to be taken within a few months,” he added. He said he could take the stake in Spyker by buying shares from a new issue and some existing shares. “I would plan to invest up to $21 million, but it still remains to be seen how much cash Saab need.”
The Spyker name is perhaps still most synonymous with luxury sports cars. However it agreed to sell this arm of the business to Antonov’s company CPP for $44 million in February.
Talking about Antonov’s return, Spyker Cars chief executive and figurehead Victor Muller, told Reuters, “I surely hope it’s going to happen. He would be more than welcome, and I know he is doing everything possible to achieve this and I fully support his efforts.”
Saab is forecast to sell 80,000 vehicles this year and 120,000 in 2012 but sold only 31,696 cars in 2010.
Ironically the shake-up at Saab co-incides with one time partner Scania exploring a merger with German company MAN trucks.
