In his attempt to save Saab- again, and after having secured short-term cash of �30 million (US$44.6 million), Spyker Car N.V. CEO Victor Muller�s next move was to sign a strategic partnership with China�s Hawtai Motor Group. Under the agreement, Saab will receive a �150 million (US$222.5 million) cash injection while the two companies will form joint ventures for manufacturing, technology and distribution.
As a part of the deal, China�s Hawtai will invest �120 million (US$178 million) for up to a maximum of a 29.9 percent equity stake in Spyker on a fully diluted basis. ?he remaining �30 million will be in the form of a convertible loan agreement with a 6 month maturity, an interest rate of 7% per annum and a conversion price of �4.88 per share.
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