More reports on: M&A, Cars
GM gets last minute bids for Saab news
08 January 2010

Potential buyers are scrambling to put together a bid for General Motor's (GM) Saab brand before the Saab board meets tomorrow to decide whether to wind up the brand after failing to get a buyer with sufficient money.

Spyker, the Netherlands-based sport car specialist, yesterday submitted a second revised offer to GM after talks broke down in December, leading GM to announce its decision to shut the brand. (See: GM to close Saab as talks with Spyker collapse)

The GM board had put a month-end deadline of 31 December to conclude a sale, the collapse of talks led GM to opt to shut down Saab operations, including a production hub in Trollhattan, Sweden, starting in early January. It, however, said Saab would satisfy debts, including supplier payments and honour warranties.

The Zeewolde-based Spyker, then made a new improved offer for Saab on 20 December, (See: Spyker makes new improved offer for Saab) which was again rejected by GM.

Victor Muller, CEO of Spyker Cars said in a statement yesterday, ''Spyker Cars today has made a revised offer to General Motors for the acquisition of Saab. We have continued a constructive dialogue with GM over the acquisition of Saab. We believe the Saab brand has lots of potential and would be keen to close a deal as quickly as possible."

Formula One motor racing tycoon Bernie Ecclestone also teamed up with Luxembourg-based private investment company Genii Capital and put up a bid for Saab late last night.





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GM gets last minute bids for Saab