Spyker Shareholders Green Light Saab Revival

With an overwhelming majority, Spyker's shareholders have approved the takeover plan for GM's Swedish unit Saab, with the goal set at making the new entity profitable within two years. According to just-auto.com, out of the 8.4 million shares represented at Spyker's meeting, only 1,174 abstained, allowing for the deal to be approved.

According to the source, the approval of the plan and its terms include a dual listing in Stockholm and London, as well as the confirmation of the plans to produce the 9-3, 9-5 and 9-4X models. Spyker is currently talking with aircraft producer Saab AB to see whether the Swedish carmaker has the permission to remain Saab...

"There is Saab AB which is the maker of the fighter jets Gripen and Viggen and to avoid confusion, we are currently in discussion with them to see how we could restructure that," Victor Muller, Spyker's CEO told the source.

"We will be looking for true heavyweights from the car industry to help us build up this brand to be profitable by 2012."

At Saab, Jan Ake Jonsson, the company's CEO, it's only uphill for Saab from now on, as cars will be rolling off the assembly lines by the thousands (120,000, to be precise), while workers will be hired, not fired.

"When we need to ramp up to the volumes in the business plan, we then will need more manufacturing staff not less," Jonsson said. As we take over responsibility from GM, we will have to add white collar staff."