Spyker has extended the deadline for its offer to buy Saab, raising hopes that talks with GM are progressing, according to reports.
However, the Swedish government has warned that there is only a "very, very slim" hope of saving Saab.
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Spyker had previously given GM until 10pm tonight UK time to consider its latest proposal, but sources have now said that the deadline has been extended indefinitely as negotiations continue.
Unions and Swedish government officials held emergency talks today in Saab's manufacturing hub of Trollhatten to discuss the likely closure of Saab.
Sweden's enterprise minister, Maud Olofsson, said: "We hope, naturally, that even if it is a very, very slim thread of hope, there is a chance of finding some kind of solution to the question of Saab."
The new Spyker offer does not require accelerated approval of a loan from the European Investment Bank, which was a sticking point.
However, GM is said to be reluctant to sell to Spyker on several grounds, chief of which is selling Saab's intellectual property.
It is also not clear which of Saab's shareholders is involved in the deal. Spyker's chief executive, Victor Muller, refused to confirm or deny if it's largest shareholder, the Convers Group, run by a Russian tycoon Alexander Antonov, was involve. However, he did deny that its second largest shareholder, Abu Dhabi sovereign wealth fund Mubadala Development was bidding.
Muller added: "It's very hard to predict the outcome, particularly since GM in principle has taken a decision to shut Saab down."
Unions in Sweden have written an open letter to GM's board demanding that the US company takes offers for Saab more seriously.
The letter, signed by leaders of the metalworkers and engineers unions, accepts the "serious situation" of Saab and acknowledges the threat of closure but said: "We believe that further alternatives should have been given more attention."
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Re: Spyker extends Saab deadline
Hilton, you are the Saab champion in UK motoring press, please do your bit to support Saab to strive for independence over closure. GM is still in negotiations with Spyker and another consortium so it's not over yet. There is a strongly held view in the Saab community that GM wish to close Saab regardless due to corporate political pressure - this can be exposing factual criticism of their actions and a groundswell of opinion in favour of giving the underdog a chance of independent life. If Saab can realise a value to GM (and the US taxpayer who own GM) now (and there is a significant value being offered), why would they not sell? Saab should live or die buy its business plan which has been approved by KPMG, EIB, Deutche Bank and Swedish Government - yet GM want to close. Let them give Saab the chance to live or die by their OWN actions, not a global corporate 'tidying up' decision. Please highlight the ongoing nature of the negotiations and help Saab survive - we're relying on you to keep highlighting this information and thanks for the work to date.
Saabsunited.com as ever has the latest info.
Thank-you.
Re: Spyker extends Saab deadline
Because they want to protect the Epsilon II platform that underpins 2010 Saab 9-5 and the…
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and not fast track the Chinese or Russian auto industry to build competitors using GM’s platform.
What do you think Spyker would be building for at least the next couple years, if it was a matter of selling them the marque and no platform it would be a done deal.
Re: Spyker extends Saab deadline
GM have already sold the rights if the old 95 and 93 to China so why not do a deal with Spyker and make some money out of the sites and stock rather than wind it down.
With a sports car company we could see some development into SAAB as it should be.
GM have spent too long dithering over the last few years on GM based vehicles.