But chances of bid's success said to be "very slim"
21 December 2009

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.

Saab's history in picturesFull story: GM closes SaabHilton Holloway blog: What went wrong at Saab

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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Comments
10

21 December 2009

Well, a slim hope is still a hope. If there's the smallest chance they can be saved, it's worth giving it a go. Hope something materialises... but my hopes aren't high.

"The creative adult is the child who survived."

21 December 2009

So GM will kill a well respected brand to protect it's IPR. Sorry GM but this is your mess. It's upto you to do a deal, or face up to a very bleak future in Sweden where I'm guessing a number of people will boycott your products. remember SAAB intrusted it's future to you when it could have got into bed with Fiat instead. GM needs to fix this.

21 December 2009

Spyker are being extremely patient over this what are GM waiting for? would they rather kill of Saab? If they would then they will lose a lot of loyal followers including myself

21 December 2009

Intellectual Property Rights? Coming from a company who plundered and pillaged the brands and wares of every manufacturer they could afford to buy into or takeover completely while they could! That's rich! Fortunately, GM no longer is...

If I may misquote a great, but philandering and corrupt Irish politician:

"GM have done SAAB some disservice. No more of that."

22 December 2009

GM's delay in responding to the new offers smacks of arrogance. I can't say I'm surprised by their behaviour, though.

22 December 2009

Come on GM save Saab and the workers jobs as surely the offer from Spyker is more profitable than closure . Surely any design rights given away will be out of date in 3 years anyway and most of your home produced yank tanks are still in the stone age design wise . I mean who in Europe still uses pushrod engines and leafsprings for goodness sake.

So have another look . Saab is not your problem. Your problem is out of date poorly built US produced gas guzzling oversized rubbish that no one wants to buy anymore.

22 December 2009

This 'sale consideration' is just window dressing. GM's part-US Govt board will never sell to a consortium with Russian connections. As was the case with Opel.

hyf

22 December 2009

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.

22 December 2009

[quote hyf]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.[/quote]

Because they want to protect the Epsilon II platform that underpins 2010 Saab 9-5 and the…

2009 Buick Regal (China)
2009 Opel Insignia
2010 Buick LaCrosse
2011 Buick Regal (North America)

and not fast track the Chinese or Russian auto industry to build competitors using GM’s platform.

[quote hyf]GM have spent too long dithering over the last few years on GM based vehicles.[/quote]

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.

You don’t need a weatherman
To know which way the wind blows
—Robert Allen Zimmerman

23 December 2009

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.


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