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Saab 'must sell by end of year'
01 December 2009
GM has issued a statement saying it has had "expressions of interest" for Saab, and that it will evaluate potential bids before the end of December.
However, if it does not consider any of the bids serious it has confirmed it will wind Saab down from the start of next year.
"The GM board of directors has received expressions of interest in Saab since the conclusion of negotiations with Koenigsegg Group AB," the GM statement said.
"The board will evaluate potential bids between now and the end of December. At that time, we will determine whether a suitable arrangement for Saab exists. If not, we will begin an orderly wind-down of the global Saab business at that time."
GM declined to name Saab's potential buyers, citing non-disclosure agreements.
Reports suggest there are four interested buyers for Saab, including US investment firm Merbanco, China's Beijing Automotive (BAIC) and US holding company Renco Group.
A fourth, unnamed group, is said to be "an international group with several countries represented, but not Sweden" according to reports.
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