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Spyker's last-gasp bid for Saab
By Malin Rising |
December 21, 2009, Monday
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Print Edition
Print Edition
IN a final attempt to rescue Saab Automobile AB, Dutch auto maker Spyker Cars yesterday submitted a new offer to buy the Swedish brand from General Motors Co.
Spyker said it had submitted an 11-point proposal to GM, addressing the issues that made talks collapse earlier this week.
GM last Friday said it would wind down Saab because issues arose during the sales talks with Spyker that could not be resolved, and the window of time to complete a deal was small.
Spyker Chief Executive Officer Victor Muller said he hoped the new offer would make GM change its mind.
"We are very confident that our renewed offer will remove the impasse that was standing in the way of an agreement on Friday, and this would still allow us to conclude the deal prior to the expiry of the deadline originally set by GM of December 31," he said.
"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," he added.
Muller said the new offer removes a demand that a loan from the European Investment Bank to Saab be approved before the end of the year, and has the full backing of Saab's management. It has told GM that the new offer will expire today.
Spyker said it had submitted an 11-point proposal to GM, addressing the issues that made talks collapse earlier this week.
GM last Friday said it would wind down Saab because issues arose during the sales talks with Spyker that could not be resolved, and the window of time to complete a deal was small.
Spyker Chief Executive Officer Victor Muller said he hoped the new offer would make GM change its mind.
"We are very confident that our renewed offer will remove the impasse that was standing in the way of an agreement on Friday, and this would still allow us to conclude the deal prior to the expiry of the deadline originally set by GM of December 31," he said.
"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," he added.
Muller said the new offer removes a demand that a loan from the European Investment Bank to Saab be approved before the end of the year, and has the full backing of Saab's management. It has told GM that the new offer will expire today.
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