GM gives suitors another week
30 December 2009

GM has extended the deadline for Spyker to raise the funds needed to buy Saab.

GM had originally demanded that a deal be concluded by 12 o'clock today (Thursday) but has now extended that until 7 January.

"The December deadline has been lifted and the final offer from Victor Muller [chief executive of Spyker] must be made by 7 January now," said a spokesman for GM Europe.

Spyker had originally hoped to receive financial support from the European Investment Bank (EIB) for its attempt to buy Saab.

But with the EIB money not forthcoming, Spyker must raise funding in the Netherlands and in Russia.

Muller has said that if a deal is achieved, Saab and Spyker Cars would operate as sister companies, with Spyker benefitting from Saab's technical resources and its distribution network, and Spyker bringing its entrepreneurial skills to Saab.

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Comments
13

31 December 2009

Well this is dragging out a bit although it sounds good from the GM side at least they are willing to sell Saab to Spyker and not wind it down fantastic lets hope it happens

31 December 2009

Sure is great news to me, but I think all these extensions are not for the benefit Saab. I am no expert but I think its a sort of way to make these bidders desperate for the buy. Anyways I supported Saab from the start and I hope this works out, anyways state your thoughts. I am willing to listen to your disagreements toward my thoughts.

31 December 2009

Tend to agree with the comments above but think GM is playing silly buggers with Saab workers jobs. Hope the deal will come off but dont think the Yanks want to sell something to the Russkis.

We'll see if I'm proved wrong eh.

31 December 2009

I'm sure Ed Whitacre thinks he's selling SAAB, the Swedish Defence Systems Company. Someone needs to tell him that SAAB and SAAB Automobile AB are completely separated and he has the one that doesn't build supersonic jet fighters. I'm convinced this whole sale hangs on GM's patents going to another company. Thing is; I don't think the buyers actually want any of GM's technology long term.

31 December 2009

I hope it goes through for the sake of the dealers. I don't own a Saab, but my local Saab dealer is a service agent for US-built GM cars (handy, as I have one!). Best dealer experience I've had in 25 years, and all of the people I know who've used the same dealer agree.

31 December 2009

What is this top secret technololgy that GM has passed over to Saab automobile? From the early turbo days Saab had sophisticated ECU in its engines. Now everyone buys their ABS/ESP in from suppliers like Bosch.

If a Far Eastern manufacturer wants design details for electronics they can buy them at the back door of the electronics plant (much the same as they do for PC software CD ROMs).

If Saab use a BUS network for the wiring or a special paint finish that is hardly cutting edge technology and I am sure engine pre-heaters are not unique to Sweden.

It sounds like a feeble excuse to exclude some pontential buyers, who GM think might than realise that it would not be such a big step to compete with them in Europe.

31 December 2009

You know, sad though it undoubtedly is for everyone concerned maybe it is time for SAAB to close it doors and die with dignity. I say this for several reasons really.

1.The product range is now very poor and has little to do with the quirky, stylish product we all remember with great fondness. The 9-4x is not in keeping with any SAAB ethos I am aware of and that just leaves the new 9-5 to keep them going, not exactly a comprehensive range to survive on.

2. Sales have dwindled away over recent years and must surely be almost nothing at present, who is going to sink money into a nearly dead manufacturers product.

3. Residuals for any current SAAB owner must have fallen through the floor,, leaving a nasty taste.

4. Many SAAB dealers must be looking long and hard at other franchise possibilities for the new year. The chinese and Koreans will welcome them with open arms and offer them a secure future.

I think the whole process is too far gone now and for a loss making specialist manufacturer to think they can pull SAAB round is sadly laughable.

31 December 2009

Everything jonfourtwo said is sadly true, but I fear that he is missing the point here. The Saabs that I can remember in my childhood, the 96, 99 and later the 900 were great individualistic cars. If the Spyker can find the finance and if GM allow the deal to proceed (and their recent abysmal behaviour does place a large question mark here). There is nevertheless a heritage that can be developed.

31 December 2009

[quote weenedonpetrol]If the Spyker can find the finance and if GM allow the deal to proceed [/quote]

Its going to take at least 2-3 years to bring any new SAAB product to market and devleopment costs are very high. Are the out of date 9-3, the out of fashion 9-4x and the limited appeal 9-5 really going to keep the company going in the interim? sadly not.

31 December 2009

Though I do love Saabs for what they used to be, highly individualistic (some would say idiosyncrasic) cars loaded with techology, however, the last one to boast such features must be a real banger now. It sadly all went down and totally wrong when GM turned the lacklustre Vectra into a "new 900" and applied all its (mis)management expertise on Saab. True, there are enthusiasts and dedicated Saab lovers around but I quite doubt there are enough of them ready to part with their hard-earned for a new Saab. Punters aware of the situation will run away, further depleting sales and the current range is somewhat inadequate : 9-3 saloon on its last legs, 9-5 a refreshing design but is that enough to keep the brand going till it can trun up a new proper 900 follower? 9-4 is too niche to be a proper sales success and too late to the market I'm afraid. At least, Saabaru and ugly 9-7 are gone for good (by the way, how many of those sold in Europe? Did they reach 500 at all?).

Let's think about it, how about a nice premium compact badged 99 sold as "combi coupé" with distinctive design and genuine qualities,a 3 series competitor in the form of a new 9-3 plus the 9-5 (that could sire an estate as well) a notch more upmarket? 99 as 3 and 5 door, 9-3 as 5 door, estate and convertible, 9-5 saloon and estate plus a flagship model. Fingers crossed Spycker can keep the concern going and that Saab doesn't end up in being another MG Rover disaster...

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