Reuters

Mon Sep 27, 2010 3:08am EDT

* Saab and BMW to announce deal on Wednesday – NOS

* Saab owner Spyker, BMW not available to comment

* Spyker shares up 7.0 percent, BMW down 0.7 percent

(Adds detail, background)

AMSTERDAM, Sept 27 (Reuters) – Car maker Saab will get
access to BMW’s technology and parts, Dutch public broadcaster
NOS said, a move that could help underfunded Saab owner Spyker
(SPYKR.AS) push the Swedish brand back into profitability.

Saab, which was bought early this year by Dutch luxury car
maker Spyker from U.S.-based General Motors [GM.UL], and BMW are
scheduled to sign the deal on Wednesday, NOS said, citing
sources at the two car makers.

Saab wants to focus on building a smaller car using BMW
technology, NOS said on Monday.

Spyker could not comment immediately, while BMW was not
immediately available to comment.

A deal would help Saab owner Spyker obtain new technology as
the Dutch car maker, which has never made a profit, has a
negative shareholder’s equity value of 126 million euros ($168
million) as liabilities surpassed assets in June.

Spyker has 280 million euros of net cash and undrawn credit
of 266 million euros that would carry the company through to its
2012 profitability target for Saab, the company said last month.

Car makers globally are keen on partnerships to develop cars
or exchange technology to save costs.

France’s Renault-Nissan Alliance (RENA.PA) and India’s Bajaj
Auto (BAJA.BO) signed a deal in July to produce an ultra
low-cost car, following a deal of Mitsubishi Motors and PSA
Peugeot Citroen to develop electric vehicle powertrains.
[ID:nSGE668022] [ID:nTOE65T070]

In June, a Swedish daily reported that Saab was in talks
with BMW to use its engines and transmissions in a new version
of the 9-2 model. [ID:nLDE65A0Q5]

Spyker Cars Chief Executive later told Reuters in June that
he was in talks with several potential partners and that a
decision could be expected by year-end. [ID:nLDE65K0X4]

Spyker shares have lost almost a third of their value since
Spyker bought Saab in February and opened up 7.0 percent at 2.57
euros on Monday. BMW shares were down 0.7 percent at 50.0 euros.
(Reporting by Gilbert Kreijger and Maria Sheahan; Editing by
Mike Nesbit)
($1=.7494 euros)

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