Spyker confirms talks with BMW

27th September 2010, Comments 0 comments

Spyker cars, the Dutch automaker that owns Sweden's Saab, said Monday it was in talks with German BMW, noting speculation about a "possible supply relationship."

"The group confirms that talks are ongoing and will give further details once a final agreement has been reached," Spyker said in a statement.

Dutch broadcaster NOS earlier reported that a deal should be signed on Wednesday for Saab to buy technology and parts from BMW.

Spyker shares skyrocketed on the news, gaining 35.42 percent by lunchtime to reach 3.25 euros (4.4 dollars).

Spyker, which has never made a profit since it was set up in 2000, acquired the much larger, loss-making Saab from US auto giant General Motors in February last year.

Spyker, a small, specialist luxury sportscar maker before it bought Saab for close to 400 million dollars, said in August that Saab had sold 10,500 cars in the first half of 2010, down from 24,300 in the same period in 2009.

Saab hoped to sell 45,000 units for the year as a whole, rising to 80,000 next year, returning to profit in 2012 when it aims to sell 120,000.

© 2010 AFP

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