Trading in Spyker shares have been suspended ahead of an announcement related to Saab. Spyker shares were rising high in advance of the press statement. Details inside.
Trading in shares of Spyker Cars on the Amsterdam Stock Exchange were suspended today in advance of an announcement regarding the company's attempted purchase of Saab. The price was frozed at €3.91, nearly an 82% increase since trading ended last Friday.
Spyker, backed by Russian bank Convers Group, has been negotiating a deal with General Motors to purchase Saab. The most recent offer is believed to be valued at $550 million in cash and stock. Recent rumors suggest that a Spyker vehicle has also been delivered to the Saab museum in Sweden.
A source close to the deal told the Associated Press that the sale has almost been completed. Spyker has said that trading will be suspended until a statement is released to the media. Should the announcement confirm the sale, expect the Dutch automaker's stock to spike higher, despite Saab's consistent losses.
If the Saab deal collapses, share value could drop back to €1.71. That's where Spyker shares were trading just after talks between Spyker and GM broke off in mid-December.