The Swedish National Debt Office finds no reason to say no to Antonov

28 April 2011 - Press release

Ownership assessment

The agreement between Saab Automobile AB (Saab) and the Swedish National Debt Office (the SNDO) stipulates that both the SNDO and the Swedish Government must approve ownership changes in Spyker Cars NV (Spyker).

The SNDO has found no reason to deny the application from Saab and Spyker regarding Mr. Vladimir Antonov's becoming an owner of Spyker. The decision is based on the aspects to be considered by the SNDO and the materials available. Saab and Spyker have been informed of the decision.

Background

On 29 March 2011, the SNDO received a request from Saab and Spyker concerning an injection of equity into Spyker by Mr. Vladimir Antonov or one of his companies. The injection amounts to a maximum of EUR 30,000,000, corresponding to a maximum of 29.9 per cent of the Spyker voting capital.

The agreement between the SNDO, Saab and Spyker includes a change of control clause stipulating that ownership changes within the group that are more material must be approved by each of the SNDO and the Swedish Government. In addition, the European Investment Bank and General Motors must decide on the matter before Mr. Vladimir Antonov is fully approved as a new owner of Spyker.

The change of control provision does not include any criteria for the ownership assessment. The economic risk of the Swedish State has been the primary starting point of the SNDO in its examination. As a result, the SNDO has carried out a summary review of Mr. Vladimir Antonov’s business operations and his plans for Saab. The SNDO has also carried out a integrity investigation of Mr. Vladimir Antonov.

Media contacts:
Unni Jerndal, Head of Communications +46 8 613 45 96