http://www.maxauto.co.za/CntView.aspx?CatID=26&CntID=1180
Spyker will give $74 million in cash to General Motors by mid-July in exchange for ownership of Saab. GM will continue to hold $326 million in preferred shares of the Swedish automaker.
GM will also get unspecified "additional consideration" as well, according to GM vice-president John Smith. This is speculated to include $100 million in liquid cash already held by Saab.
The negotiation was completed on the condition that Spyker chairman Vladimir Antonov resign his position and sell off his interest in the Dutch automaker. Antonov, the 35-year-old chair of Russian firm Convers Group, will be bought out by Tenaci Capital, an investment company owned by Spyker CEO Victor Muller.
Part of the deal hinged on Spyker getting support from the Swedish government for a loan from the European Investment Bank. Once the deal between Spyker and GM was completed, the government announced that they would guarantee a €400 million loan from the EIB.
There were so many things at work here," Muller said in an interview with Automotive News. "It was such a complex deal; trying to take a company that was part of General Motors for 20 years and carving that out as a different business."
In 20 years of ownership by General Motors, Saab never once turned a profit.
Saab will continue final development of the new 9-5, with full production of the executive car scheduled to begin in April. As part of the deal, GM will provide the Saab 9-4x crossover, built on the same platform as the Cadillac SRX. GM will also continue to supply Saab with powertrain components into the future, and will coordinate engineering work with Spyker to guarantee a smooth transition.
Spyker and GM jointly announced that Saab vehicles will continue to be covered by their warranties.
Spyker produced less than 50 cars last year, while Saab produced over 93,000. Despite the difference in scale, Muller said, "Our brand values are closely related to that of Saab."
"Both Saab and Spyker are highly individualistic, both have aircraft heritage, and both follow independent Scandinavian and Dutch thinking."
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Prior-Design PD3 based on Porsche 911 GT3
http://www.maxauto.co.za/CntView.aspx?CatID=26&CntID=1181
German tuners Prior Design have unveiled their modified version of the 2010 911 GT3. The Porsche 911 PD3 includes a series of aerodynamic upgrades and a custom built exhaust.
The package really revolves around the car's new front end, which extends the car both outward and downward. Love it or hate it, the revision provides more downforce while changing the air flow direction for the better. This now pushes past the carbon fiber spoiler and through the redesigned air inlets. New, deeply sculpted sidesills lead to a completely remodeled rear end. Amongst the changes at back is a new diffuser. As part ot the mods, the car has an adapted chassis that has been dropped by 30 millimeters.
Engineers did not modify the rear wing on the GT3.
Also available is a hand-built stainless steel exhaust, and a new set of wheels. Now, the car rides on ultra-light, sectional forged wheels available in several different sizes.
The Porsche 911 PD3 styling kit is now available through the company's website. Pricing has not been disclosed.
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2011 BMW M3 Competition Package
http://www.maxauto.co.za/CntView.aspx?CatID=26&CntID=1182
The 2011 model year BMW M3 is rumoured to carry an M3 GTS Competition Package (codenamed ZCP) as an option. According to sources who spoke to Bimmerfile.com, the package will be available to enthusiast US M3 owners who need a bit more aggression and performance from their cars. The US was unfortunate enough not to be included on the GTS global list.
Apparently included are items like Alcantara interior inserts, 19-inch wheels, a suspension system that is lowered by 10mm and an updated EDC Sport setting. A possible exhaust or transmission upgrade is also speculated.
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