China's Youngman invests €10m in Spyker, sets up joint ventures
Monday 27 August 2012
Spyker has agreed to sell almost 30% of its shares to Chinese car group Youngman for €6.7m, the Dutch luxury car maker said in a statement on Monday.
Youngman will also extend a €3.3m loan to Spyker. The deal, involving 29.9% of the shares, keeps Youngman below the 30% limit at which it would have to bid for the rest of the company.
‘Youngman undertakes to not exceed the 29.9 % threshold and therefore has no ambition to make a mandatory offer on all outstanding shares in Spyker,’ the statement said.
In addition, the two firms have agreed to set up two joint ventures to develop two new cars, Spyker said.
One, Spyker P2P, in which Youngman will invest €25m and hold 75% of the shares, will develop a new SUV. The second, Spyker Phoenix, will produce a new full range of premium car models based on Saab’s Phoenix platform. Youngman has 80% of that joint venture and Spyker the remaining shares.
Youngman was involved in Spyker’s abortive attempt to save ailing Swedish car firm Saab from bankruptcy .
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