GM Mum on New Offers for Saab
December 21, 2009
General Motors confirmed Sunday it has received "inquiries from several parties" for Saab, 
after the automaker announced Friday a deal with Dutch sports car maker Spyker to buy the Swedish brand collapsed. However, GM is not identifying new bidders nor is it commenting on any of the new offers, which include a new one from Spyker.
"We will not comment further until these evaluations have been completed," GM said in a terse statement.
Spyker confirmed over the weekend that it has presented GM with a new offer - one that expires Monday night.
"We have made every effort to resolve the issues that were preventing the conclusion of this matter and we have asked GM and all other involved parties to seriously consider this offer," Spyker Chief Executive Victor Muller told Dow Jones Newswires Sunday.
Spyker's new offer is an 11-point proposal addressing each of the issues which arose during the due diligence process and would "remove each of the obstacles that were standing in the way of a swift transaction," Muller told Dow Jones.
Spyker said the new offer has the full backing of Saab management, and also eliminated the need for a loan from the European Investment Bank. It is valid until Monday night Eastern time.
GM announced Friday its planned sale of Saab to Spyker had failed, and the Saab brand would be eliminated, resulting in the loss of 3,400 direct Saab jobs and 1,100 dealers globally.
After Swedish sports car maker Koenigsegg Group AB last month withdrew from negotiations for Saab, GM took up discussions with Dutch sports car maker Spyker Cars. The deal, which failed Friday morning, was considered a long-shot due to the short timeframe to close the deal -- GM set a Dec. 31 deadline. -- Michelle Krebs, Senior Analyst and Editor at Large
Posted by Michelle Krebs at 4:12 AM under Companies , Featured , GM | Comments (0) | digg this | Seed Newsvine
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