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March 24, 2011 01:00 AM

Russian banker Antonov is willing to invest 50 million euros in Saab

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    Reuters
    Saab owner Spyker reported a net loss of 39.9 million euros compared with a 4.06 million-euro deficit a year earlier.

    CORRECTION: An earlier version of this story misstated the investment figure

    Russian banker and businessman Vladimir Antonov is prepared to invest up to 50 million euros in Saab after returning as a shareholder in Dutch group Spyker Cars NV, which bought Saab from General Motors Co. last year.

    Spyker has struggled to make money and analysts say it needs a long-term strategic investor to restore Saab's fortunes. Spyker said last month it was selling off its luxury sports car business to Antonov, leaving it to focus on Saab.

    "Mr. Antonov is prepared to invest up to 50 million euros in Saab and provide further support in the future for new models," Lars Carlstrom, a spokesman for the Russian businessman, told Automotive News Europe Thursday.

    Spyker has forecast Saab sales of 80,000 vehicles this year and 120,000 in 2012 after selling 31,696 cars in 2010. Antonov said he saw Saab selling 60,000 to 65,000 vehicles this year, well below target.

    Speaking in Vilnius, Lithuania, on Thursday, Antonov said Saab had enough cash if it managed to sell the number of cars it was targeting, but his 50 million euro investment would give the brand a "liquidity pillow."

    Antonov was originally part of the deal for Spyker to buy Saab from GM, but had to quit the deal after facing allegations of money laundering, which he denied. He has said independent investigations have cleared his name.

    He said the issue of his return to Saab had already been settled with General Motors, which has redeemable preference shares in Saab, and he was now in discussions with the Swedish state, which has guaranteed a 400 million euro European Investment Bank loan to Saab. "I expect the decision to be taken within a few months," he added.

    Antonov said he could take the stake in Spyker via buying shares from a new issue and some existing shares. "I think 29.9 percent would be fair enough, and this is what I had before. I would be totally happy to have 29.9 percent," he said.

    Investment 'more than welcome'

    Asked about the potential deal, Spyker CEO Victor Muller, who has had close and complex financial dealings with Antonov in the past, said the Russian would be "very welcome" as a shareholder.

    "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," Muller told Reuters.

    Muller declined to detail the possible structure of a deal and would not comment on Antonov's talks with GM or the Swedish government.

    GM also declined to comment.

    Reuters contributed to this report

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