July 6, 2010 / 5:43 PM / 9 years ago

Spyker may get dual listing in four months

VISBY, Sweden (Reuters) - Amsterdam-listed Spyker Cars, which bought Sweden’s Saab earlier this year, could achieve a dual listing in Sweden within four months if it does not have to undergo full due diligence, Chief Executive Victor Muller said on Tuesday.

Spyker, which has never made a profit, took over the larger carmaker Saab from GM in February and is working to revive the flagging brand. It made its final payment on the takeover on Monday.

“We have good discussions with the stock exchange and we’re doing an inventory on what’s to be done to achieve it. We’re aiming at having a dual listing this year,” Muller told Reuters.

“It depends on the outcome of our inventory ... how much work needs to be done. If we have to go through a full due diligence, it will take much more time than if we can do ... limited due diligence. I would say a minimum of three to four months.”

Muller had previously said the company chose Stockholm for the dual listing because of its market reputation for hosting engineering companies and also to strengthen the company’s Swedish identity.

He said on Tuesday the dual listing plan is not designed to raise more cash. “Maybe in order to facilitate, we will do a small issue, but I don’t think so actually,” Muller said.

Saab is currently launching its first new car under its new ownership, the flagship 9-5 and Saab’s chief executive Jan Ake Jonsson said he is confident it can reach its goal of selling 45,000 to 50,000 vehicles this year.

“But it’s early and we are only a couple of months into the producing. So far so good,” he said.

Jonsson added the company has already launched the 9-5 in Sweden, Belgium and the Netherlands and cars will be sent to Spain, Denmark and Finland next week.

“By the end of July we will have done all countries, including the U.S., except for Asia and the Pacific,” he said.

Asked whether sales were proving better than expected, Jonsson said it was too early to comment, stressing the company was just three to four months into a new era.

“Give us a few more months and we will give you a report. We are following our business plan, that’s the most important thing,” he said.

Writing by Aaron Gray-Block; Editing by Greg Mahlich

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